US Presidency
1982

In the case of those over age 65, withholding will only apply to those with incomes of $ 14,450 and up per individual and $ 24,214 for couples filing a joint return. Low-income citizens below 65 will be exempt if their income is less than about $ 8,000 for an individual or 15,300 for those filing joint returns. And there will be an exemption for all interest payments of $ 150 or less. The only people whose taxes will be increased by this withholding are those who presently are evading their fair share of the tax burden. Once again, we're striving to see that all taxpayers are treated fairly. Now, this withholding will go into effect next July, not this January 1st, as was earlier reported. Back during the campaign'n September 9th, 1980, to be exact, I said my goal was to reduce by 1985 the share of the gross national product taken by the government in taxes, reduce it to 20.5 percent. If we had done nothing, it would have risen to almost 25 percent.