Word: rostenkowski
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After long consultations among House leaders, the Democrats' counterprogram was spelled out last week in two documents. One was a 236-page "chairman's mark" by House Budget Committee Chairman Jones, detailing spending recommendations. The other was a Chicago speech by Dan Rostenkowski of Illinois, chairman of the tax-writing House Ways and Means Committee, giving the outline of a tax plan...
...TAXES. Rostenkowski outlined a plan that was ingeniously crafted, in his words, to "strike that essential political and economic balance [necessary] to pass Congress." While many details are yet to be filled in, the plan seemingly contains something for almost everybody. For business, savings in depreciation write-offs slightly larger than those Reagan proposes. For the rich, an immediate cut in the top tax rate on "unearned" income (dividends, interest, rents) from 70% to 50%, an idea that the Reagan Administration once considered proposing. For the middle class, cuts in income tax rates that would primarily benefit people earning...
Thus Democratic opposition is focusing on Reagan's tax cuts, which even many of the conservatives fear will deepen inflationary deficits. Illinois Democrat Daniel Rostenkowski, chairman of the tax-writing Ways and Means Committee, went so far last week as to proclaim Reagan's tax program dead. He counseled the G.O.P. to cooperate in devising a compromise measure to reduce taxes less broadly and deeply, for one year only. That drew a threat from Stockman, after a White House meeting, that Reagan would veto such a measure. The outlook today is much what it has been from...
...such amendments, the cuts in basic income tax rates might well be shaved down; Democrats, in addition, want to reshape them to give proportionately more relief to lower-income groups. Finally, many Congressmen are leery of voting now to cut taxes well into the future. Says Illinois Democrat Dan Rostenkowski, chairman of the tax-writing House Ways and Means Committee: "There is no sentiment for a three-year...
...Democrats also re-elected Texan Representative Jim Wright to his second term as the House majority leader. Wright and O'Neill said they would reappoint Rep. John Brademas of Indiana as Democratic whip and Illinois Rep. Dan Rostenkowski as chief deputy whip...