Nation: What Families Will Save on Taxes

The following table, supplied by the Treasury Department, shows the income tax now paid by the average family of four in various income brackets, the savings they can expect after President Carter's proposals for income tax cuts go into effect, the increase in Social Security taxes they will pay next year and the net change in both taxes. The average family earning less than $10,000 will actually collect money from the Government; some are net taxpayers, but those earning less than $8,000 are eligible for an "earned-income credit" that entitles them to "refunds" greater than their taxes paid. Tax rates...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!