Word: packwood
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...single stroke, the Senate bill would sweep away years of accreted tax breaks, deductions, credits and accounting rules. It is "the most radical tax bill that this Congress has seen in half a century," proclaimed the bill's chief sponsor, Senate Finance Committee Chairman Robert Packwood of Oregon. There are legions of winners and losers on both the corporate and personal sides; yet the lure of substantially lower rates and the chance for businesses to compete on a level playing field have helped generate an unusually diverse, if fragile, alliance of more than 600 lobbying interests representing rich and poor...
...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...
Several industries, including real estate and restaurants, have started howling in protest. They claim that Packwood's plan singles them out for more than their share of reform and will hurt their businesses. The majority of corporate leaders, though, appear to be lining up in favor of the committee's proposal. They see it as a relatively equitable plan and, moreover, one that could help them in the long run by boosting U.S. economic efficiency and growth. The bill's virtual abolition of tax shelters, for example, could stop the flow of investment capital into ventures that deliberately lose money...
...going to be, we could go on and do our business." That prospect seems increasingly probable now that the committee's proposal is on a roll. President Reagan, speaking last week to the Tax Reform Action Coalition, a group of corporations and trade associations, gave the Packwood plan full support. Said he: "Starting right now, getting it passed and signed into law is a top priority...
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...