Word: rostenkowski
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...bill to the Republican- controlle d Senate, where it can be reshaped more to his liking next year. But his gingerly show of support may have doomed its chances. "He kicked the ball down the field and ran like a beaver," groused Ways and Means Chairman Dan Rostenkowski of Illinois. House Republicans were openly at odds with the package. In a party meeting last week, they voted overwhelmingly to oppose the bill, calling it "anti-family, anti-growth and anti-investment...
...Rostenkowski's bill would cut taxes for most individuals and preserve the deductions for second-home mortgages and state taxes that Reagan proposed to curtail, but it would raise tax liability sharply for corporations. The Republicans this week will offer a bill of their own that scales back the added business tax burden from some $140 billion to about $100 billion. In the Democrat-controlled House, the G.O.P. alternative has virtually no chance of passage, so the President's only hope of keeping the issue alive is to support the Democratic version...
...both the Democrats and Republicans on the Ways and Means Committee have been reluctant to join the tax-reform crusade. Under pressure from a horde of special-interest groups that oppose many provisions of the bill, the committee members felt that Reagan and Rostenkowski were trying to railroad them into hasty action. But Rostenkowski finally got things moving last week by agreeing not to curb deductions for state and local taxes. Reagan had wanted to eliminate the deductions completely, and Rostenkowski had favored strict limits on them. These proposals provoked vehement opposition from high-tax states, including California, with...
...Rostenkowski's about-face stunned his colleagues. When Representative Thomas Downey, a New York Democrat, expressed his surprise to Rostenkowski, the chairman said, "I was always going to give you state and local taxes." Replied Downey: "If you were, you deserve an Academy Award." After Rostenkowski's concession, many committee members from high-tax states felt almost obligated to support the tax-reform bill. "You look so ungrateful if you don't," said Downey...
...rate only to 37% or 38%. The committee also decided that it cannot afford to raise the personal exemption from $1,040 to $2,000, as Reagan had proposed. That would cost the Treasury $176.5 billion over five years. Instead, the members will probably go along with a Rostenkowski suggestion that the exemption...