Word: packwood
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Dates: during 1980-1989
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...told, the plan ramrodded by Oregon Republican Bob Packwood, chairman of the Finance Committee, would increase the tax burden on businesses. To raise enough money to give individuals an average 6.3% federal tax break, the committee's bill would levy an extra $100 billion on corporations over five years. The bill would reduce or abolish many cherished business preferences, including the investment tax credit of about 6% to 10% for companies that buy business equipment, and the full deductibility of corporate entertainment. In addition, many of the proposed changes in individual tax law, for example the curbing of individual retirement...
...long-cherished dream of streamlining and simplifying the cumbersome U.S. tax system seemed moribund, unable to withstand the hordes of lobbyists and influence peddlers arrayed against it. Then, shortly after midnight last Wednesday, the entire Senate Finance Committee was on its feet roundly applauding the chairman, Oregon Republican Bob Packwood. In the committee's offices down the hall, jubilant committee staffers uncorked a case of champagne. In an auditorium downstairs where the deliberations were heard on an intercom, an overflow crowd of lobbyists hissed...
...Packwood, who until two weeks ago seemed the least likely champion of sweeping reform, raised his arms in triumph. Joining hands in the committee room celebration was an unlikely combination of allies: Russell Long, the shrewd Louisiana Democrat who for 37 years in the Senate has played the fine print of the tax code like a fiddler at a fais-dodo; Majority Leader Robert Dole, who once argued that tax reform was a lower priority than deficit reduction but who now promises to push through the measure on the Senate floor next month; and Bill Bradley, the New Jersey Democrat...
...measure from losing revenue. Even if the committee's bill survives the upcoming battle on the Senate floor, it will still have to be reconciled with a version passed by the House last December, which also cuts rates and closes many loopholes but is less drastic than the Packwood plan...
Upon his arrival back in Washington after the Tokyo summit, President Reagan telephoned Packwood in Oregon, where the Senator was campaigning for his May 20 primary race. Said Reagan: "Your efforts moved us one giant step down the road toward meaningful, historic tax reform. We stand ready to work with you closely as your bill goes to the floor." In his Saturday radio address on the issue, the President declared, "America today stands poised to lift off into a new age of opportunity, powered by one of the most exciting economic changes | of my lifetime. Passed by an overwhelming...