Word: repeals
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Dates: during 1980-1989
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Reagan had Republican leaders in the Senate on his side in opposing a massive lobbying effort by the nation's banks to repeal the withholding of 10% of income gained from interest and dividends. He had vowed to veto any such repeal bill, accusing the bankers of "great distortion" in their mail blitz. But with most Democrats meekly bowing to the pressure, the President could only watch helplessly last week as Republican Senators buckled too. In what was called a "compromise" for cosmetic purposes, the Senate voted overwhelmingly to delay the withholding at least until...
...assailed the banking lobby for calling the plan a "new tax" when it was really designed to catch tax cheaters and collect some $5.2 billion this year from the 20 million people who fail to report fully their interest and dividend income. Dole had filibustered gamely against the repeal bill, which was sponsored by Republican Bob Kasten, a freshman Senator from Wisconsin. But Dole last week could count only 27 other Senators (including 24 of 54 Republicans) on his side, and three of them were uncertain. "I went down to the White House," he said, "to see how many they...
Some Democrats in the House will try to delay a vote on the repeal until after July 1, when withholding is due to go into effect. Once the repeal gets out of committee, it is likely to pass easily. Whether Reagan would veto the compromise remained in doubt, but he blasted the Senate action as "quite a triumph for the people who are not paying the taxes they fairly owe." Dole and a few House Democrats have threatened that they may seek new taxes on banks to make up for any revenue lost by a withholding repeal. Said Dole...
...added that it would be very unusual to repeal a law within one year of its passage, but that he wants to "keep people thinking about [the death penalty issue...
Earlier this month Lt. Gov. John F. Kerry testified before the joint justice committee to register Gov. Michael S. Dukakis's support for a repeal, said Larry Carpman, Kerry's public relations officer...