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This newspaper page contains 2 articles. Subscribers can read the full text of each article.
Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Sep 29, 1981
Page
9
The article outlines major 1981 Economic Recovery Tax Act provisions through 1987. It lists rate drops on capital gains, raised home sale exemptions for seniors, 5 percent withholding cuts, tax free certificates, IRAs access, estate tax changes, and future inflation adjustments scheduled from 1982 to 1985 with key thresholds and limits.
The second of a four part series explains how IRAs let middle income workers save up to $2000 yearly. Contributions are deductible, taxes on principal and earnings are deferred until withdrawal, with penalties for early withdrawal before age 59 1 2. Couples can each have an IRA and a married one earner can save up to $2250. Keogh limits rise to $15000. Early withdrawals incur 10 percent penalty plus tax. Beginning January voluntary company plans may offer same tax benefits.
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