Word: surtaxing
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Boggs, now majority whip, would like to become Speaker eventually. He realizes that the surtax is necessary and that some degree of reform is probably unavoidable. Recently, reports TIME Congressional Correspondent Neil MacNeil, Boggs met secretly in New York City with a number of oil and sulphur executives. He advised them that some reduction in the depletion allowance was necessary in order to prevent even more drastic changes in other tax regulations bearing on their industries...
Price of Reform. Delighted by the House committee's action and by the probability of a House floor vote before the summer recess begins Aug. 13, Senate Democratic leaders lost no time in pressing their new advantage. Mansfield offered to extend the surtax promptly, but that would take it only to the end of November. A further extension vote by the Senate, he said, would come only after the Ways and Means reform package had made its way through both the House and Senate to the President's desk. Republicans denounced the proposition, and Minority Leader Everett Dirksen...
...must-to slow down the nation's economy. President Nixon demonstrated this commitment last week when he ordered federal spending trimmed by $3.5 billion, primarily in non-Vietnamese military programs, in order to keep the budget under the $192.9 ceiling set by Congress. Viewing the surtax as his key weapon against the inflation that in June boosted the consumer price index by six-tenths of 1%, he has made it clear that he is willing to pay a price for its extension. Nixon last year indicated opposition to changing the oil-depletion allowance, but he will probably sign...
...Long, chairman of the Finance Committee and junior Senator from Louisiana, some of whose campaign contributors look upon a cut in the oil-depletion allowance as something akin to matricide. With scarcely a sideways glance at the Democratic leadership, which wanted delay, Long bolted party ties and brought the surtax, minus reform, to a committee vote. With two Democrats defecting, it was approved 9 to 8. Some saw a trace of hubris in Long's defiance of his party's leadership. Since his rejection as assistant majority leader last January in favor of Edward Kennedy, skeptics maintained...
Opportune Moment. Approved by the House and an important Senate committee, the surtax bill by any traditional standard would appear to be progressing smoothly. In this case, however, appearances are no guide at all. Mansfield does not have to bring the bill to the Senate floor for a vote. And from everything he said last week, he will not do so unless Long's committee couples it with reform...