Word: jannings
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Dates: during 1970-1979
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...pollsters declared 9 to 1 that it was more important to control inflation than to trim taxes. As a result, strong pressure is building in Congress to reduce the cut to $18 billion or $20 billion, and perhaps to delay it by three months as well, making it effective Jan. 1. Those two moves would pare the fiscal 1979 deficit from the $61 billion that Carter has budgeted to less than $50 billion...
...companies with larger after-tax profits to invest. Even many of the big-cut advocates would like to see a large chunk of the $25 billion come not out of individual income and corporate-profits taxes, but out of Social Security taxes that are scheduled to shoot up next Jan. 1 and in succeeding years. One reason: the portion of Social Security taxes levied on employers raises their cost of hiring workers, and companies pass those costs on in higher prices. For the moment, however, Congress seems content to postpone a debate on Social Security taxes until next year...
...when should the tax cut take effect? Federal Reserve Chairman G. William Miller was the first to suggest putting off the date from Oct. 1 to Jan. 1, as a means of lopping $9 billion off the fiscal 1979 deficit. Republican Economist Murray Weidenbaum, an advocate of Carter's $25 billion tax cut, disagrees. Whatever reductions are enacted, he says, should take effect at the start of the Christmas-shopping season to spur retail sales and end 1978 on an upbeat note. But Miller's proposal is gaining ground...
...response, Chase Manhattan Bank raised its prime rate on business loans a quarter point, to 8¼%. Democratic Economist Otto Eckstein says that a $25 billion tax cut would be "guaranteed to fail" if it leads to a tighter money policy. He favors both delaying the cut until Jan. 1 and shrinking it to $20 billion...
...Administration Committee and gave waiting reporters the news: this time, after many false alarms, a gas solution was really at hand. The key features: 1) the phased decontrol of domestically produced newly discovered natural gas, with the price ceiling rising by about 10% annually and being eliminated altogether by Jan. 1, 1985; 2) the extension in the meantime of federal price controls to cover gas that does not leave the state where it is produced, which until now has been exempt from federal regulation; and 3) a formula whereby industrial users of gas will have to pick up most...