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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 19, 1981
Page
13
UPI reports approximate tax cuts and their dollar amounts and percentages at different income levels under President Reagan's proposed plan. It notes average deductions and outlines how the plan would affect taxpayers across brackets.
The Reagan proposal would cut individual taxes by 250 billion over three years, with those earning over 40 000 benefiting most. The plan targets saving and investment, while a Democratic critic doubts spend cuts curb inflation. The measure includes rapid depreciation for assets and a 10 percent boost in after tax take-home pay starting July 1.
The President's budget proposal aims to shrink federal aid across benefits from college grants to food stamps and mass transit subsidies. Middle income households would lose more than they gain through tax cuts while many programs, including Unemployment and CETA, face drastic reductions.
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