Word: steiger
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Would the Steiger amendment benefit chiefly the rich, as the President says? Not really...
...average" taxpayers leap into the higher brackets a few times in their lives-when they sell a house, a farm, or the stock that Aunt Tillie left them; or when they collect profit-sharing or stock-purchase funds from their employers. For them the benefits of Steiger could be significant. Examples...
...couple in their late 50s earning $15,000 a year rent an apartment and sell their 20-year-old home, realizing a capital gain of $34,000. Now, they would pay a tax of $7,709 on their total income. That would drop to $6,659 under Steiger's plan, a saving...
...family that earns $25,000 a year sells its stock in a dry-cleaning business for a $55,000 capital gain. At present the family's total tax would be $17,655; with Steiger, it would drop to $15,030, a saving...
...cabbie with income of $15,000 a year sells his taxi medallion for a profit of $50,000. He also sells stock for $10,000 more than he paid for it. His tax total now would be $14,420; under Steiger, it would be $3,000 less...