Word: taxed
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Individual tax rates...
Several of Reagan's advisers think the President should distance himself from the House panel's bill and let it die quietly. They oppose many parts of the legislation, including the new maximum tax rates for individuals and businesses. But many politicians think that Treasury Secretary James Baker, a noted pragmatist, will persuade the President to go along with the plan. Reagan wants to leave behind a legacy of tax reform, and the Ways and Means proposal is the only tax bill in town. If the President helps push it through the House, there is still an opportunity to make...
Elsewhere, though, the Ways and Means plan gets tougher on businesses. While the Administration wanted to lower the maximum corporate tax rate from 46% to 33%, the House panel would drop it to 36%. The committee's proposal would raise the top tax rate for capital gains, which is the money that taxpayers earn on growing investments like corporate stock. Reagan's plan would have cut the maximum tax rate from 20% to 17.5%, but the new proposal would boost...
Other business people were more sanguine, though, especially those in industries where equipment costs are relatively low. These companies eagerly look forward to the lower overall corporate tax rates. "This is clearly reform," asserted John Bryan, chairman of the Sara Lee food-products company. "I can't imagine why anyone in America would not be in favor of it, except for those corporations that have been raiding the Treasury for years with their special preferences because they had high-priced lobbyists in Washington...
...question now facing the Ways and Means version of the tax bill is how the Reagan Administration will react. Unless the President decides to push it through Congress, the proposal will languish as legislators deal with other pressing issues like the budget and trade deficits. The White House has so far postponed taking a stand on it. Reporters inquired about the President's attitude toward the plan last week, when he appeared for a holiday photo session with a 55-Ib. gobbler named Wilfred. Quipped Reagan: "The only questions I will take today are about the turkey...