Word: repeals
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...bankers' blitz produced an alliance of rank-and-file Republicans and Democrats, who defied warnings by President Reagan. House Speaker Tip O'Neill and other House leaders that repeal would encourage tax evasion and hike deficits. Predicted New York's Barber Conable, ranking Republican on the Ways and Means Committee: "Many who vote for repeal will beat their breasts and bray against deficits...
...testament to the strength of postal politics. Besieged by a 22 million-piece mail campaign orchestrated by the nation's banking industry, the House last week voted by an overwhelming 382 to 41 to repeal the withholding for taxes of 10% of income from stock dividends and bank interest. Said Illinois Democrat Dan Rostenkowski, who as chairman of the Ways and Means Committee had reluctantly brought the repeal measure to a floor vote after a majority of the House demanded it: "Today we are conceding control of the tax system to a special interest that...
...withholding issue now goes back to the Senate Finance Committee, which will decide this week whether to recommend acceptance of the House repeal in conference committee. Committee Chairman Robert Dole of Kansas, who filibustered a repeal effort in the Senate, is expected to report out a strengthened variant of a Senate "compromise." passed 91 to 5 last month, that would postpone withholding for four years and, in the interim, step up tax enforcement. Reagan, who in the past has pledged to veto any attempt to repeal or postpone withholding, appeared to soften his stance in the face of the veto...
...resistance from the White House. The fecklessness of both parties when it comes to making either tough revenue or spending decisions was illustrated last week when more than 300 House members, following the lead of their Senate counterparts, caved in to the banking industry and signed a petition supporting repeal of a measure to withhold taxes from interest and dividend income. The withholding provision, which will be reconsidered by the full House this week, would have cut down on tax cheating and produced $ 13 billion in revenues over the next three years...
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...