Word: wealthiest
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...seeks to boost investment in job-creating programs while reducing spending elsewhere, especially in the military budget. To reduce the deficit $325 billion over four years, Clinton proposes dozens of tax increases and 150 spending cuts. The pain is widely distributed. Military and government employees get stung, while the wealthiest citizens take a direct tax hit and the middle class feels the heat of an energy levy. But children and workers currently unemployed find their burdens eased...
...annual deficit by the end of his term, he is considering -- and mostly rejecting -- suggestions from his economic advisers and independent budget analysts that the U.S. could save more than $60 billion a year by digging deeper into the federal-spending programs and tax breaks that largely benefit the wealthiest 10% of Americans, which means households earning more than $75,000 a year. Even the middle class enjoys an assortment of tax breaks on such items as vacation homes, health care and retirement benefits...
...other assets worth several hundred thousand dollars) are taxed on 50% of their Social Security benefits. Clinton is leaning toward a proposal to tax those couples on 85% of their benefits, which would save $5.8 billion a year over the next five years, and would affect only the wealthiest 25% of retirees. Example: a couple with $61,000 in retirement income, including $10,000 in Social Security benefits, would see their taxes rise by about $980 a year. Clinton could go further by removing the cap on income subject to Social Security taxes, and using the proceeds to cut those...
HEALTH-CARE SUBSIDIES Like Social Security, the Medicare program pays benefits (for hospitalization and other medical treatment) to all retirees, regardless of their income. As with Social Security, retirees collect far more from Medicare than they paid in taxes to the program. Taxing even half this subsidy for the wealthiest one-fourth of retirees would raise $5.4 billion a year. An additional premium charged to couples who earn $125,000 a year, for doctors' services received through Medicare, would net $1.9 billion more a year...
Last year Forbes magazine placed Lewis, whose worth was estimated at approximately $400 million, among the 400 wealthiest Americans...