According to the American notion of progress, a pay raise every year is synonymous with Getting Ahead. But is it really? More and more Americans are finding that like the dreaming Miss Alice in Wonderland, they must run faster and faster just to keep even. An annual pay raise is seldom enough to keep pace with the inflation of living costs and taxes. The tables below, prepared by TIME last week with the help of the Tax Foundation Inc., a nonprofit clearinghouse for tax information, show where a family of four with standard income tax deductions now stands in relation to...
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