Retirees and Higher Taxes
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“Retirees Face New Rule on Income” (Dec. 27) finally revealed that President Clinton’s claim that the 1993 tax law only increased taxes on those making more than $200,000 was false. The following figures from the referenced article point out the deal that 5.5 million senior folks got:
* Singles above $34,000 and married above $44,000 have a marginal tax rate of 42% compared to 39.6% for younger millionaires
* A senior couple with a total income of $60,000 will have a tax increase of $1,175
* However, if the senior couple got a divorce, they would get a tax decrease of $2,296.
JACK CASSON
Claremont