Word: bentsen
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Prospects for reversing that outlook in the Senate are dim. Finance Committee chairman Lloyd Bentsen will try to stop the capital-gains cut by offering as an alternative broader IRAs, without any tax increase to make up the revenue loss. Failing that, some Democrats favor strategy to combine the capital-gains cut in a monster tax-and-spending bill with so many provisions unacceptable to Bush that he will be forced to veto it. That risks triggering the automatic spending cuts mandated by Gramm-Rudman-Hollings if there is no agreement by Oct. 16 to hold the deficit...
...giveaway to the rich (60% of its benefits will go to people with incomes of more than $200,000), the measure is expected to pass in the House. Mitchell vows to try to derail it in the Senate, but he is without the support of Texas' Lloyd Bentsen, who as chairman of the Finance Committee could be his most powerful ally...
...Bentsen won acclaim for an alternative proposal: encourage savings by expanding the deduction for contributions to Individual Retirement Accounts. This would provide tax benefits mostly to the middle class while simultaneously creating a pool of investment funds, a goal of the capital- gains reduction. Before IRA deductions were restricted in 1986, however, they cost the Treasury $16 billion a year in lost taxes. Bentsen's proposal is unlikely to stop the stampede to cut capital gains, and it could become the next giveaway that Congress and the President will seize upon. But the prospect of a huge loss in revenue...
...capital-gains tax cut (from 33% to 19.6% for 2 1/2 years) illustrates the "babble of voices" that plagues Democratic efforts to unite on an issue. Critics say Foley and Rostenkowski threw in the towel too early; Mitchell girded his loins too late; and Bentsen, who delivered the party's response to Bush's economic message last winter, favors a lower rate...
ABOUT this time a year ago, when it looked like Lloyd Bentsen would be the next vice president, other representatives started calling him Senator Leland. He laughed when they did, knowing he would have to defeat two dozen other contenders for the vacant Senate seat. Yet, he stood an excellent chance, and his colleagues knew...