Word: reform
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Dates: during 1970-1979
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While continuing to shift the scenery about backstage, the Carter Administration last week announced another delay in raising the curtain on its anxiously awaited tax-reform program. The news came from a weary Treasury Secretary W. Michael Blumenthal, after a grueling five-hour White House session on tax options in which the President and his top economic aides failed to resolve a number of key issues...
...President's energy program is resolved, and thus avoid getting the tax-revision proposals entangled in that scrap. Also, the White House has lately become increasingly concerned about possible sluggishness in the economy next year, and about the stiffening resistance of businessmen and some Congressmen to the tax-reform plan, even before it has officially been announced. In order both to pep up the economy and, they hope, disarm critics, Administration planners are subtly shifting the emphasis of the tax package from a program of reform to one of stimulative tax cuts, especially for business...
Carter at one time spoke of a reform program that would shift the tax burden but would involve little change in Government revenues or none at all. However, by last month a Treasury planning paper called for a net tax reduction of $17.2 billion to be phased in over several years-$13.8 billion going to individuals, $3.4 billion to business. Last week Blumenthal reported that White House planners were considering deepening the net cut to as much as $22 billion-possibly $15 billion to individuals, $7 billion to corporations. The aim was to provide a better climate for profits...
...Council of Economic Advisers, is concerned about a possible slowdown in the economy during the second half of next year. The CEA has suggested that the President consider asking Congress for a "quickie" tax cut next year in the event that stimulus is needed before the tax-reform bill is passed. The President, at his press conference last week, stopped just short of endorsing the idea when he said that a tax cut "may come next year or perhaps later-I think next year." One idea is to propose lowering withholding rates as early as next April, in anticipation...
With all the sweeteners, though, enough reform remains in the proposals to upset just about every taxpayer. One Treasury suggestion calls for wiping out federal deductions for general sales taxes, an important consideration in states like New York where such levies are high...