DEAR TAXPAYER: GET OUT YOUR PENCIL
Under the individual income-tax cuts recommended by the House Ways and Means Committee, rates would be lowered in two stages over the next two years. The table below compares present rates on various income brackets with proposed rates. The left-hand column shows taxable income in thousands of dollars. The rates apply to married taxpayers filing joint returns. All that remains is for the taxpayer to get out his pencil and figure how much he will be saved--if the reduction ever actually becomes law.
Taxable
Income
Bracket
0-1
1-2
2-3
3-4
4-8
8-12
12-16
16-20
20-24
24-28
28-32
32-36
36-40
40-44
44-52
52-64
64-76
76-88
88-100
100-120
120-140
140-160
160-180
180-200
200-300
300-400
400 and over
Present
Rates
20
20
20
20
22
26
30
34
38
43
47
50
53
56
59
62
65
69
72
75
78
81
84
87
59
90
91
Proposed
Rates
(two stages)
1964 %
16
16.5
17.5
18
20
23.5
27
30.5
34
37.5
41
44.5
47.5
50.5
53.5
56
58.5
61
63.5
66
68.5
71
73.5
75
76.5
76.5
77
1965 %
14
15
16
17
19
22
25
28
32
36
39
42
45
48
50
53
55
58
60
62
64
66
68
69
70
70
70
This file is automatically generated by a robot program, so reader's discretion is required.