Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 13 · column 3 of 4 · from the scan, no model involved
Beating Higher
Taxes With Tax-free
And Tax-deferred
Investments
Congress recently passed the nation's largest-ever deficit-reduction package, estimated to shave $492 billion off the U.S. debt over the next five years. But, as the old saying goes, "money doesn't grow on trees," and the funds needed to cut the deficit are coming from cuts in defense spending, from the budgets of some federal programs and from our own pockets.
Over the next five years, Congress hopes to raise more than $40 billion from higher income taxes — upperincome individuals will have a top tax rate of 31 percent and will be allowed fewer deductions. More than $100 billion will be raised from higher taxes on gasoline, air travel, luxury cars and other items.
It appears that no one will be spared from paying higher taxes in one form or another. Fortunately, there are still ways that individual investors can lessen the impact of higher taxes — through tax-free and tax-deferred investments.
94.5%