Word: ribicoff
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Dates: during 1960-1969
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...Senate rejected yesterday two proposals to grant tax exemptions to parents of college students. The first, introduced as an amendment to the Administration's tax bill by Sen. Abraham Ribicoff (D-Conn.), was defeated by a vote of 48-45, after tie votes...
...Johnson Administration opposed Ribicoff's amendment, which would have allowed taxpayers to claim exemptions of as much as $325 on $1500 in college expenses. Parents with gross incomes greater than $25,000 would have had their exemptions progressively reduced, and families with incomes over $57,000 would not have been allowed any tax credit...
Other liberal senators, reasoning as Sen. Eugene McCarthy (D-Minn.) did last year that the advantages of exemptions and credits could be given as profitably to parents as well as to business, may join Ribicoff and Humphrey on Tuesday...
...Ribicoff amendment would allow 75 per cent credit on the first $200 of college costs, 25 per cent on the next $300 and 10 per cent on the next $1000, making a maximum exemption of $325 dollars on costs of $1500 or more. Credit would be reduced by $50 for every $5000 of income over $25,000 and would be denied altogether when gross adjusted family income exceeds $57,500. Credits could be claimed for each child in college under the Ribicoff bill...
According to one Senate source, the vote may be close, but Ribicoff is not expected to offer a smaller credit to win additional votes