While Washington cuts rates, many states and localities are raising them
Most wage-earning Americans will see increases in their take-home pay after next week, when the second round of the Reagan Administration personal income tax reductions goes into effect. The cut trims the federal withholding bite by another 10% on top of the 5% reduction of last October, pumping an additional $39 billion into the depressed economy. To millions of Americans, though, actual buying power after July 1 may turn out to be only microscopically greater than before.
That is because many states and cities...
To continue reading:
or
Log-In
