Word: bracket
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Dates: during 1950-1959
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...Chicago, where about 40% of the population falls in the middle-income bracket, there has been little rental housing construction for this group since the '20s. In Manhattan, says one real-estate man, the situation is "impossible." Bostonians can almost count on their fingers the apartment houses for middle-income families going up in their city. Apartment construction for middle-income dwellers in Philadelphia is at a virtual standstill. The National Association of Home Builders insists that the national need for such housing is so acute that it "could reach emergency proportions...
...inevitably including two amplifiers and two speakers-is always likely to be higher than that of a conventional monaural setup. A stereo rig can easily run into many hundreds of dollars, but for the less well-heeled tape fan, manufacturers are pushing portable models in the $200-$300 bracket...
There are dozens of other perfectly legal ways to save money by giving it away. One of the fastest growing is the short-term or temporary trust for both charitable and personal use. Theoretically, upper-bracket taxpayers can use it to cut their taxes from 87% to as little as 20%; it also works effectively for people with incomes as small as $10,000 annually. The wise taxpayer merely turns over part of his investments with their income to his child for his education or to an aged relative, for support for a minimum of ten years...
Temporary trusts can also be used to cut taxes by giving money to charity, are especially valuable for people with fluctuating incomes who want to lower their tax bracket in good years, but regain the funds at a later date. The taxpayer can set up a trust for a church, educational organization or hospital for as short a period as two years, deduct the income from his return, then take back both his securities and the income at the end of the trust period. The benefits are so big that organizations have been formed in Cleveland, New York, Chicago...
Actually, there is no limit to the uses of trusts and charitable donations to cut taxes. One Chicago executive in the $100.000 bracket, who wanted to spread his tax credit over a period of years, donated his $25,000 yacht to a university in two sections, half one year, half the next, got a $12,500 deduction each year. But tax lawyers warn that anyone who hopes to save money by giving it away had better read all the fine print in the law since the Internal Revenue Service rates each scheme on its individual merits...