Word: tax-cutting
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...cutting non-defense spending. But government analysts are unsure how Feldstein will handle two issues which apparently discouraged Weidenbaum during his tenure, the Administration's enthusiastic predictions of economic recovery in the face of high unemployment and interest rates: and the President's determination to extend his overall tax-cut program through a planned third year...
...cutting non-defence spending. But government analysts are unsure how Feldstein will handle two issues which apparently discouraged Weidenbaum during his tenure the Administration's enthusiastic predictions of economic recovery in the face of high unemployment and interest rates and the President's determination to extend his overall tax-cut program through a planned third year...
Even for Congress to hold the 1983 deficit to $103.9 billion, legislators must raise $21 billion in new taxes to help close the spending gap. Yet the White House has repeatedly asserted that the President will veto any attempt to delete the third year of his tax-cut package, and business lobbyists are fiercely fighting off attempts to raise taxes on energy, alcohol and corporations...
Behind the scenes, representatives of both sides were much more flexible, although Baker insisted the tax-cut plan was not up for discussion. The group-consisting of top White House aides led by Baker, Republican Senate chairmen led by New Mexico's Pete Domenici, and House Democratic chairmen led by Oklahoma's Jim Jones-agreed to use the economic assumptions of the Congressional Budget Office rather than the rosier Administration numbers. According to the CBO, the deficit for fiscal 1983, which begins Oct. 1, could reach $180 billion if Congress does not pass any of the spending cuts...
...meeting, pointed out that the lawmakers confront "a very new and different situation that budgeters have never been in before." Past budgets have contained projections that deficits would cease within two to four years. Reason: inflation would boost Americans into higher tax brackets and thus increase revenues faster than spending. The Reagan tax-cut bill passed by Congress last summer changed that pattern. It not only slashed current rates, but also called for indexing, which will automatically adjust brackets to keep taxpayers from paying a higher percentage of their income simply because of inflation. As a result, unless Congress comes...