Word: bill
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Dates: during 1960-1969
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...Vermont's Senator George Aiken protested that "this Christmas tree is getting overloaded." Delaware's Senator John Williams, speaking with the objectivity of a politician who is retiring next year, blamed the "100 Santa Clauses" in the Senate. Added Williams: "When the American people get the bill, they'll be laboring for years...
Failed Test. Unless the Senate bill is drastically revised in a House-Senate conference, it will provide a tax cut for individual taxpayers of $4 billion next year, minus whatever new revenue comes from tax reforms. Among other Christmas tree ornaments: a 15% boost in Social Security benefits, half again the amount the Administration had approved and without any increase in rates, plus new minimum monthly payments of $100 for single persons and $150 for couples. The new minimums, up from an intolerably low $55 and $82.50, would be paid by deductions from earnings up to $12,000 a year...
...Senate bill also breaches the real estate tax havens. At the price of slowing down construction, it would trim back rapid depreciation of new commercial buildings and deny tax advantages to later buyers. The rich would also be partially denied some of their favorite ways of avoiding taxes, most notably unlimited charity deductions, the right to cultivate tax losses on "hobby" farms, and the right to deduct the market value of donated stock or goods bought years ago at lower prices. To ensure that no one escapes taxes entirely, the bill requires that taxes be paid on at least...
President Nixon has threatened to veto any tax bill that contains too great a revenue loss, but he has left undefined the question of how much is too much. The Administration is counting on Democrat Mills to restore some of the lost revenues when the bill comes up in a Senate-House conference. The hope may prove illusory. Tax cutting is as popular in the House as it is in the Senate, and Mills says only that "I'm not ruling out anything...
Congressional leaders are convinced that they can easily pass the tax cut by the two-thirds majority required to override any presidential veto. As a further complication, the bill contains an extension to next July 1 of the 5% surcharge that Nixon has requested as an anti-inflationary measure. Thus the congressional Democrats have the best of all political-if not economic-worlds. If Nixon signs the bill, they can claim credit for tax reduction and blame the Administration for inflation. If he vetoes it, they can blame him for both inflation and high taxes. Last week Mills promised that...