Word: tax-cutting
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...houses have been racing against an Easter-recess deadline; the legislators do not want to miss their two-week holiday. The tax-cut plan has been complicated by inclusion in the House bill of an amendment to kill the oil-depletion allowance, a move that Senate conservatives oppose. The outlook, though, is for passage of a tax and a compromise reduction in the oil-depletion allowance within two weeks-even if Congress has to postpone part of its recess. Probable size of the tax cut: about $27 billion...
...Board members' savvy has frequently been tapped by Congress and the President as well as by TIME. Tax Expert Joseph Pechman, who directs economic studies at the Brookings Institution, testified at the recent House Ways and Means Committee hearings on President Ford's tax-cut proposals. His recommendation: deepen the rebate by several billion dollars. Arthur Okun, also of Brookings, and University of Minnesota Economist Walter Heller have both served as chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson. Otto Eckstein, Harvard professor and head of Data Resources, Inc., a Cambridge, Mass., think tank...
...been advanced by Senators Edward Kennedy of Massachusetts and Walter Mondale of Minnesota. They would increase personal income tax exemptions from the present $750 to $825; alternatively, a taxpayer could forgo using the personal exemption and simply subtract $190 from his tax bill. Estimated total reduction: $5.9 billion a year. The legislation could be introduced in the Senate as early as this week, and is expected to get quick approval; no Senator likes to vote against a tax cut in an election year. In the House, the bill's fate probably will be determined by Ways and Means Committee...
Nixon's advisers and by Senator Edmund Muskie, who may submit his own tax-cut measure, including a big 14% investment tax credit. A tax easing, however, could widen the budget deficit. And unless a cut is coupled with wage and price guidelines, which the President has been determined to avoid, it could aggravate another major economic problem: inflation...
...Congress had little affection for the idea until Lyndon Johnson became President. Though he had been conditioned to traditional fiscal notions, he was so impressed by the success of earlier Government stimulants-such as the tax credit for capital investments and liberalization of depreciation allowances-that he put his power and prestige behind tax-cut legislation and in 1964 persuaded Congress to go along. Largely as a result of that and of the whole range of Government stimulants, the nation's real output and real wages since 1961 have increased by one-third, while corporate profits and the economy...