Word: reagans
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...bill, the average American would get a tax cut of about 9%, with smaller breaks going to upper-income individuals. Like the earlier two proposals, the new plan would reduce the number of tax brackets for individuals from the current 15, which range from 11% to 50%. But while Reagan's proposal had three brackets, 15%, 25% and 35%, the Ways and Means bill has a fourth, 38%, which would be for individuals with taxable income of more than...
Many businessmen last week agreed with a blunt assessment by White House Domestic Policy Adviser John Svahn, who was quoted as calling the Ways and Means plan a "Thanksgiving turkey." While Reagan planned to increase business taxes by about $123 billion over the next five years, the Ways and Means proposal aims to boost that collection by an additional $15 billion. The U.S. Chamber of Commerce was so discouraged with the bill that it called for a postponement of any effort at tax reform for two years. "It has gotten too far from its original objectives, and it's time...
Several of Reagan's advisers think the President should distance himself from the House panel's bill and let it die quietly. They oppose many parts of the legislation, including the new maximum tax rates for individuals and businesses. But many politicians think that Treasury Secretary James Baker, a noted pragmatist, will persuade the President to go along with the plan. Reagan wants to leave behind a legacy of tax reform, and the Ways and Means proposal is the only tax bill in town. If the President helps push it through the House, there is still an opportunity to make...
...While the Administration wanted to lower the maximum corporate tax rate from 46% to 33%, the House panel would drop it to 36%. The committee's proposal would raise the top tax rate for capital gains, which is the money that taxpayers earn on growing investments like corporate stock. Reagan's plan would have cut the maximum tax rate from 20% to 17.5%, but the new proposal would boost...
...question now facing the Ways and Means version of the tax bill is how the Reagan Administration will react. Unless the President decides to push it through Congress, the proposal will languish as legislators deal with other pressing issues like the budget and trade deficits. The White House has so far postponed taking a stand on it. Reporters inquired about the President's attitude toward the plan last week, when he appeared for a holiday photo session with a 55-Ib. gobbler named Wilfred. Quipped Reagan: "The only questions I will take today are about the turkey...