Word: rostenkowskis
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Another legislative battle on the Administration's agenda has been sidestepped. Illinois Congressman Dan Rostenkowski, chairman of the House Ways and Means Committee, revealed that Congress would not try to pass a major tax bill this year to offset the projected $200 billion federal deficit. He said there was no point in drafting such a bill, since the Administration is no longer pushing its plan to propose contingency tax measures that would go into effect in late 1985 if needed to reduce the burgeoning deficit. The gathering economic recovery reduces the need for new taxes. Even so, dropping...
...postal politics. Besieged by a 22 million-piece mail campaign orchestrated by the nation's banking industry, the House last week voted by an overwhelming 382 to 41 to repeal the withholding for taxes of 10% of income from stock dividends and bank interest. Said Illinois Democrat Dan Rostenkowski, who as chairman of the Ways and Means Committee had reluctantly brought the repeal measure to a floor vote after a majority of the House demanded it: "Today we are conceding control of the tax system to a special interest that has won the day largely by deceiving American taxpayers...
...reduction due to go into effect in July, should be repealed, or at least limited to $700 per taxpayer. But of the eight top House Democratic leaders, one of the most powerful considered it unwise to fight the third-year cut: Ways and Means Chairman Dan Rostenkowski of Illinois. In a speech on Tuesday, he made his disagreement public. He proposed a "freeze on scheduled tax reductions effective Dec. 31, 1983," a move that would leave the July cut intact. To O'Neill, it appeared that Rostenkowski was pre-empting the Speaker's role as leadership spokesman...
...Rostenkowski's most spectacular move was a deal he cut with Don Bailey, a Democrat from the steelworking region of southwestern Pennsylvania. The way the tax bill was written, some depressed industries that installed new equipment before the end of 1982 could sell their deductions under the safe harbor leasing provisions. For the steel industry, however, the deadline had to be extended for there to be any benefits. Bailey told Rostenkowski: "These things have to be changed." But Bailey did not make his request until 10:30 Tuesday night, 90 minutes before the conference committee report on the bill...
...head for a moment and pressed the yes button on his electronic voting machine. As it turned out, he had cast the 218th, and decisive, vote for Reagan's tax bill. "It tore at my conservative guts to vote with people like Tip O'Neill and Dan Rostenkowski," Hartnett said afterward. "But it was the right thing...