Word: rostenkowskis
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...this month the House Ways and Means Committee adopted a $12.3 million tax-increase package that, among other measures, would finally put a cap on the deduction, limiting it to the first $1 million in mortgage debt. But why not lower the boom even further? As Committee Chairman Dan Rostenkowski pointed out, "With the people I represent, if you talk $75,000, you're talking big money for a home." A sensible limit might...
Some Hill watchers say that the anti-higher education provisions of the bill were the work of one man: Rep. Dan Rostenkowski (D.-Ill.), chairman of the House Ways and Means Committee that drafted the legislation...
...conferees repeatedly got hung up, mostly on what Rostenkowski / defined simply as the question of "who benefits and who pays." Many of the legislators had pet industries whose breaks they fought bitterly to protect. One example: Gephardt, of all people, supported Republican Senator John Danforth in arguing for continued special treatment of the profits of defense contractors (some of the biggest are based in their home state, Missouri...
...other side. The House gave in early to the Senate's two tax rates. That left the biggest question: How large should the increase in business taxes be? After a supposedly climactic session last Tuesday turned into a shouting match, the weary conferees agreed to let Packwood and Rostenkowski try to break the impasse. The two met on and off--at times with a few aides, at times alone--well into the night. By Thursday evening, according to Packwood, they were within two hours of a deal that would cut individual taxes and raise business levies by $124 billion. Then...
...Joint Committee on Taxation, relaying bad news: the numbers would not balance. If new projections of slower growth in the economy were correct, the tax increase on business would be only $114 billion, and the cut for individuals would be $131 billion, leaving a $17 billion gap. Packwood and Rostenkowski quickly agreed on how to raise $7 billion, but deadlocked on the remaining $10 billion. "It's a blow to us to have been so close and yet so far," said Rostenkowski as they broke late Thursday night. "He and I almost cried," Packwood reported at a press conference Friday...