Word: threeyears
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...their part, Administration officials had to worry about being forced to fight for some variant of the Kemp-Roth plan-a threeyear, 30% tax cut-which does not enjoy the support that the budget cuts did in the Congress or the country. In fact, all the major players-Rostenkowski, Senate Finance Committee Chairman Robert Dole, Treasury Secretary Donald Regan and White House Counsellor Edwin Meese-hoped to settle the issue by consensus...
...Administration might scale back slightly its request for outsized increases in military spending. Said he: "Nothing is untouchable, including defense." Perhaps most important, White House spokesmen said that the President might be willing to make a compromise with Democrats in Congress who want to reduce the size of the threeyear, 30% tax rate cut plan that is the heart of the Administration's supply-side economic strategy...
Treasury Under Secretary Norman Ture in an interview with TIME described a complicated alternative that the Administration might weigh if-but only if-it cannot get threeyear, across-the-board cuts in income tax rates. It is a "two-stack" plan that would involve taxing "earned" (wage and salary) income and "unearned" income (dividends, interest, rents) separately, at the same rates, with a 50% top on both. At present, unearned income is taxed at a maximum 70%, vs. earned income's 50% limit. Ture figures that the two-stack plan would promote the Administration's goal of spurring...
...Democratic leadership would cut $4 billion out of planned defense spending and $1.5 billion out of energy outlays, for example, while restoring $7 billion of cuts that Reagan wants in such programs as Medicaid, food stamps and child nutrition. On the tax side, the Democrats reject Reagan's threeyear, across-the-board slash in income tax rates in favor of a much narrower one-year reduction. The Administration's ability to counter this effort may be hampered by the enforced scrapping of Reagan's personal selling campaign for his program. The President had been sched uled...
...from foreign oil supplies is probably a petro-pipedream. But the notion of using solar satellites to capture vast amounts of energy may not be very farfetched at all. In spite of considerable scoffing at the sci-fi grandiosity of the idea, a report published last week, after a threeyear, $19.5 million study undertaken by the Department of Energy in collaboration with NASA, indicates that there are no insurmountable technological hurdles in the way of solar power satellites (SPS) as a major alternative energy source...