Word: rostenkowski
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...difficult that job will be was evident during the week, as the players in the tax drama positioned themselves. In the leads are the White House, represented chiefly by Treasury Secretary Donald Regan, and the House of Representatives, whose main negotiator is Ways and Means Committee Chairman Daniel Rostenkowski. Publicly, at least, the White House is standing fast by its original tax-cut program, based on a 1977 proposal by two Republicans, Congressman Jack Kemp of New York and Senator William Roth of Delaware. Its main and most controversial feature is a 10% across-the-board reduction in personal income...
...shape of a compromise began to emerge last week as the Administration exchanged hints with the other players. An important signal came when Rostenkowski remarked on television that he could see the possibility of a two-year tax package. Another came later in the week, when Dole announced that the President's tax bill lacked support on the Finance Committee. It was a warning to the White House not to take the Senate for granted...
Interest Tax Reductions. At present the maximum tax rate on earned income is 50%. But income from savings and investments can be taxed up to a maximum of 70% for people with taxable incomes of $108,300 a year. House Ways and Means Committee Chairman Dan Rostenkowski of Illinois has proposed reducing the maximum tax rate on investment income to the same 50% that applies to salary income. Several bills now in Congress recommend a so-called two-stack approach to the taxation of earned and unearned income: tax each at the prevailing rates for earned income...
...cost to the Government would be roughly $40 billion for one year, vs. some $54 billion initially under Reagan's plan. Besides that, Rostenkowski claimed that his plan would do more than Reagan's to stimulate the savings and investment that the economy needs if it is to resume noninflationary growth. Under Reagan's plan, in this view, it can only be hoped that Americans would save a large portion of income tax cuts rather than spend the money in inflationary consumption. Rostenkowski argued that his plan contains provisions specifically targeted to encourage saving...
Although congressional Republicans did not participate in the drafting of Rostenkowski's "consensus" plan, many of them privately prefer it to Reagan's program, which they too fear would spur inflationary deficits. One example of how deep that fear runs: the Senate Budget Committee last week estimated that Reagan's spending and tax plans taken together would produce a near record $60 billion deficit in fiscal 1982, or $10 billion above even Jones' figure. That chilling estimate prompted the three conservative Republicans to bolt. Said Defector William Armstrong of Colorado: "The only way we could salve...