Taxes, Taxes
To the Editors:
In your story "The Biggest Challenge" [Jan. 19], Lester C. Thurow, a member of the TIME Board of Economists, criticizes the Kemp-Roth tax cuts. He says "the average American saves 4% of his income and consumes 96%." He doesn't mention that the Government takes 30% of the middle-class income, leaving the remainder to be consumed by the banks for mortgages, the oilman for heat, the utilities, not to mention the grocery store, clothes, doctor or dentist. We have federal tax, state tax, Social Security tax, school tax, town tax, gas tax, sales tax. Wouldn't it be great if...
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