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Tax plan would cut some families but raise others next year
Washington projections show a four person family with $12,500 in wages would gain a $310 net tax cut while a $25,000 family would face a $13 net tax increase and a $40,000 family a $115 rise under Carter's proposed federal income tax and Social Security changes. Tax writers in Congress expect intense debate over cuts in the budget year starting Oct. 1 and possible adjustments in Social Security financing, with administration officials pushing gradual reform and extending the earned income credit through 1981.
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