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LARGEST TAX HIKE IN HISTORY LEAVES AMERICANS SCRAMBLING FOR WAYS TO LIMIT ITS IMPACT ON INCOME

-- Fidelity Investments Offers Guidance For Cutting Bigger Tax Bills --
 BOSTON, Aug. 7 /PRNewswire/ -- The House and Senate last night approved the nation's largest tax hike in history. For most Americans, this will mean increased taxes in one form or another.
 While the full effect of the new taxes won't be felt until 1994, many Americans who must pay on average an additional 5 percent in taxes on income retroactive to January 1, 1993 are scrambling for ways to limit the impact of higher taxes on their earnings.
 "Under the higher tax rates, the goal for all investors is to keep more of what they earn," said Neal Litvack, executive vice president of retail marketing for Fidelity Investments. "There are several measures Americans might consider immediately, including: fully funding their tax-deferred employer-sponsored retirement plan, opening a tax-deferred IRA, investing in tax-free municipal bonds and municipal bond funds, and pursuing investments that produce capital gains -- such as stocks and stock funds -- which will be taxed at a rate lower than interest and dividend income."
 -0- 8/7/93
 /NOTE TO EDITORS: If you would like to interview Mr. Litvack regarding his guidance to Americans on reducing their tax bills, please contact, Keith Hughes at Ketchum Public Relations at 212-536-8773, or this weekend at home, 914-723-0509./
 /CONTACT: Keith Hughes of Ketchum Public Relations, 212-536-8773, weekends 914-723-0509, for Fidelity Investments/


CO: Fidelity Investments ST: Massachusetts IN: FIN SU:

LD -- NY003 -- 0514 08/07/93 01:10 EDT
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Publication:PR Newswire
Date:Aug 7, 1993
Words:243
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