Word: rostenkowskis
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...side was President Reagan, eager to hold to his campaign pledge to cut personal income taxes across the board by 10% in each of the next three years, the so-called "10-10-10" proposal. On the other was House Ways and Means Committee Chairman Dan Rostenkowski and his fellow congressional Democrats, who favor a smaller tax cut offered for one year at a time. Like proud and coquettish students at a prom, each has been eyeing the other, hoping for an invitation to dance. Last week, with congressional Republicans acting as chaperons, they began edging toward one another...
...will make a fight out of it. He will go to the country." Still, most White House aides, including Chief of Staff James Baker, feel that winning "10-10-10" would be extremely tough, and acknowledge that politics is the art of the possible. They hope that Rostenkowski will produce a plan close enough to what the White House wants so that everyone can declare victory and avoid a battle that could damage both sides...
...messages got through. Secretary Regan picked up Rostenkowski's hint and passed word, through Conable, to "tell Danny that I want to talk to him." Dole's signal was also received, and he was brought into the dialogue. These talks laid the basis for what may eventually be a Dole-Rostenkowski tax bill, which, noted one aide, would have the advantage of allowing everyone to take credit for "a statesman-like compromise" while removing the partisan Kemp-Roth label...
...compromise package may in fact be two bills. The first would feature something approaching Reagan's 10-10-10 tax cut plus Rostenkowski's proposed reduction of the maximum tax on unearned income (now 70%). The second would offer some of the other reforms contained in Rostenkowski's proposal. Among them: reduction of the "marriage penalty" for two-earner families (who pay a higher rate than working couples simply living together) and incentives for saving. To finance both plans, it might be necessary to delay the date the first cuts take effect. That move would have...
...success of any Dole-Rostenkowski bill will, of course, depend on the cooperation of Rostenkowski. While the Illinois Democrat seems willing to bargain, he cannot do so effectively until his own committee agrees on a common strategy. Right now, says one member, "they are all over the lot." It was no wonder then that Rostenkowski described his first meeting with Treasury Secretary Regan last week as "inconclusive, but not discouraging." The Secretary did not put all his cards on the table, but neither did the Congressman. "Regan was three years, two years, three years," says Rostenkowski. "I was one year...