Word: rostenkowskis
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...Ways and Means vote accepted the recommendation of a task force on the issue headed by J.J. Pickle (D-Tex.). Pickle was appointed by committee chairman Dan Rostenkowski (D-Ill.), who lobbyists said fought hard...
Illinois Democrat Dan Rostenkowski may have sounded the death knell when he announced last week that the House Ways and Means Committee, which he heads, would postpone "temporarily" any further sessions on tax reform. The 36- member committee has tinkered with the President's package, hoping to come up with a proposal that could win House approval. It is now virtually impossible for a tax-reform bill to pass the House and reach the Senate by Nov. 1, the deadline designated by Senate Majority Leader Robert Dole. Thus Congress is not likely to tackle tax reform this year...
...before Rostenkowski decided to interrupt the tax-reform deliberations, he saw that the package was in danger of unraveling. The Ways and Means Committee rejected proposals by Reagan and Rostenkowski and voted to allow taxpayers who do not itemize deductions to continue to write off donations to charity. Moreover, the committee opted to widen a $2.9 billion loophole for commercial banks that the President and its chairman sought to close. It decided not to abolish a tax deduction for banks on money reserved to cover possible bad debts. Instead the committee increased the banks' tax break by $4.7 billion over...
...Gibbons has written an import-restricting bill of his own. It would impose penalty tariffs on natural resources, such as minerals and natural gas extracted from government- owned land in foreign countries, that are shipped to the U.S. at subsidized prices. This bill, along with the textile bill, the Rostenkowski-Gephardt- Bentsen 25%-surcharge proposal and the two Danforth reciprocity bills, are among the measures most likely to get serious consideration...
Support for other protectionist bills appeared to weaken too. Ways and Means Chairman Dan Rostenkowski of Illinois, a principal author (with Gephardt and Texas Democratic Senator Lloyd Bentsen) of the bill to impose a 25% tariff on goods from countries running especially large surpluses in trade with the U.S., has always acknowledged that the bill is likely to be rewritten in ways that he cannot foresee. Gephardt now is voicing hope that if the measure does pass in something like its present form, its targets will trim their trade surpluses enough to escape its provisions. But he admits, "I really...