Word: kemp
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Reagan has been much less willing to back off from his "10-10-10" tax cut plan. First proposed by Congressman Jack Kemp of New York and Senator William Roth of Delaware, that scheme would reduce taxes by 30% over three years. Says one top White House aide: "I can't stress enough that the President is adamant in his belief that he was elected on the basis of a certain program. If he has to, he will make a fight out of it. He will go to the country." Still, most White House aides, including Chief of Staff...
...lead. He has had trouble forging a consensus among divided Democrats, who are reluctant to support higher deficits or place their faith in the Reaganites' theory of supply-side economics. Should no compromise be reached, the Democrats could simply allow a straight up-or-down vote on Kemp-Roth, a roll call that the Administration would probably lose. Speaker Tip O'Neill and other liberal Democrats said that putting the Republicans on the spot with Kemp-Roth might be better than talking compromise. But Rostenkowski was well aware of the President's popularity and the possibility that...
...House, represented chiefly by Treasury Secretary Donald Regan, and the House of Representatives, whose main negotiator is Ways and Means Committee Chairman Daniel Rostenkowski. Publicly, at least, the White House is standing fast by its original tax-cut program, based on a 1977 proposal by two Republicans, Congressman Jack Kemp of New York and Senator William Roth of Delaware. Its main and most controversial feature is a 10% across-the-board reduction in personal income taxes in each of the next three years. In fiscal 1982, the first year, $44 billion would be slashed from personal taxes. Rostenkowski has countered...
...signal was also received, and he was brought into the dialogue. These talks laid the basis for what may eventually be a Dole-Rostenkowski tax bill, which, noted one aide, would have the advantage of allowing everyone to take credit for "a statesman-like compromise" while removing the partisan Kemp-Roth label...
Although most economists and politicians agree on the need for greater savings, they are sharply divided about the best way to spur savers. The Reagan Administration has made the Kemp-Roth bill, which would cut personal income tax rates by 30% over the next three years, the basis for its tax bill. Pointing to the experience after the two-year, 18% reduction in income tax rates during the mid-1960s, when the savings rate rose from 5.4% to 8.1%, the Reaganauts argue that Americans would put a large amount of the money from any tax cut into savings. Treasury Secretary...