Word: packwoods
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...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...
...idea because it would levy the tax retroactively on bondholders who had bought securities under the assumption that they would be tax exempt. Minnesota Senator David Durenberger circulated a letter signed by himself and nine other Senators on the 20-member Finance Committee decrying the "devastating impact" of Packwood's provision...
...week's end even Packwood conceded that his plan was doomed, and a semblance of order returned to the bond market. Even so, interest rates were higher than many municipalities had expected. Milwaukee County called for bids on $17,450,000 in tax-exempt bonds, hoping to pay interest of no more than 6.71%. Instead, investors would go no lower than...