Word: moynihan
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There are obvious personal problems here, but there are substantive ones as well. Consider just a few of the proposals Clinton is considering sending to the Hill, plans that Moynihan has "a little trouble with...
...Clinton's team has been against, for, and is once more against raising the gasoline tax, primarily because Senate majority leader George Mitchell opposes it. But Moynihan favors a hike. "In constant dollars, gasoline costs less now than in 1945," he says...
...Moynihan pooh-poohs Clinton's plan to lower capital-gains taxes for new business investments only: "Smart lawyers could 'break up' an existing company to create 'new' businesses almost overnight...
...Senator Dale Bumpers of Clinton's home state has said there will be "blood on the floor" if the President tries to tax employer-provided health-care benefits, and Moynihan agrees: "The poor trade unions fought hard to win wage raises via health-benefit increases. It'll be hard to do something that could cause them to lose those gains when they've had to swallow a bunch of other givebacks in recent years...
...Clinton has repeatedly spoken of raising the tax rate on wealthy Americans to 36%, and his economic advisers are now talking of a further rise to 40%. ; Moynihan is incredulous. "At that rate," he says, "all the loopholes we eliminated in the 1986 tax bill would come back like a hydraulic phenomenon...