The Changing Government Tax Bite

the Changing Government Bite

How will President Reagan's proposal affect me? That was the question millions of Americans were asking themselves last week. The accounting firm of Coopers & Lybrand did a study for TIME based on computer models of how some typical taxpayers fare under current laws and how they would do if the President's program is adopted. The results:

CURRENT TAX

$1,778

PROPOSED TAX

$1,680

A family of four in Moline, Ill., with a total income of $25,000. They now pay $1,611 in state and local taxes and $5,400 for interest on their mortgage. The family has charity donations of $500 and no...

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