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...income tax system last week entered the era of indexing. The Treasury Department announced that in view of inflation during the past twelve months, deductions, exemptions and tax brackets will be adjusted upward by 4.1% next year. Tax indexing was part of the Reagan Administration's 1981 tax-reduction act. Similar inflation adjustments will now be made annually. The following changes await taxpayers...
Among academicians who study such things, the rituals of status seeking at the dinner party or the formal dance are as old as human memory. "Any society that has upward mobility as a major feature pays a great deal of attention to manners," says Alan Dundes, a professor of anthropology and folklore at the University of California, Berkeley. "Young people today are concerned with making it, and part of making it is setting the table properly when the boss comes over for dinner. Self-improvement is a big part of the American dream, and learning manners is part of self...
...grew larger as Bailey thought of it. A gesture at last that would be more than a gesture. It would be the transfiguration of a protest. He would be done with the mortifying slouch of the timid piss ant. Something moved in his center, urging itself upward from the grave. Seeds. Transfigured. Up, up! The crust of the grave began to crack. Isn't it grand what a little call to adventure can do for you, Bailey. Does Bailey love a challenge? Do eggsuckers suck eggs...
...Less generous indexing. Under full indexing, which goes into effect next year, the amount of income subject to a particular rate of tax is adjusted upward each year by a percentage equal to the inflation rate. Mondale, however, would index the incomes of families earning more than $25,000 a year only to the extent that inflation exceeds 4% annually. If the inflation rate is 5%, their incomes would be indexed...
...economists predict that growth in the gross national product, after adjustment for inflation, will fall from 7.6% in the second quarter to 4% in the last three months of the year. In 1985 growth is expected to remain at a healthy 3.5% pace. As the economy slows, upward pressure on interest rates should ease considerably. The TIME board forecasts that the prime rate will rise no more than a percentage point, to 14%, between...