Word: tax-cutting
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...also polarized. On one side are Reagan critics, like Walter Heller of the University of Minnesota, who maintain that the budget gap must be sharply narrowed even if that means raising taxes. Says he: ".Unless we tackle the creeping disease of the deficit, it is going to undermine our economic future." At the other extreme are the supply-siders, who maintain that Reagan's tax-cut program will stimulate enough economic growth to shrink the budget shortfall into insignificance. Asserts Supply-Sider Paul Craig Roberts, a former Assistant Treasury Secretary in the Reagan Administration and now a professor...
Opponents of the tax-cut delay criticized the final decision for changing Prop 21/2 without voter consent, but they still claimed success...
...predicted, though, that because of the publicity about the issue, city councils would be more concerned about taking advantage of the tax-cut change...
Anderson also contended that the tax-cut delay passed only because Wednesday's lobbying made legislators afraid of losing the rest of the substantial local and package...
Whatever modest steps Congress takes to trim Social Security spending, the budget deficit is likely to remain huge for many years to come. As part of the tax-cut legislation passed in 1981, federal income tax brackets will be subject to indexing starting in 1985. Indexing will automatically adjust the brackets to keep taxpayers from paying a higher percentage of their income simply because of inflation. But that will hold down revenues and help perpetuate the deficit dilemma. Given Congress's reluctance to make necessary cuts in spending and Reagan's determination to boost defense outlays, Schultze, Heller...