Word: ullman
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...Satisfaction. But Carter's bill ran into a rambunctious revisionist in the person of Oregon Democrat Al Ullman, the powerful chairman of the Ways and Means Committee. "The Administration's package didn't really satisfy anyone," said Ullman, who began drafting his own plan. Ullman's attitude was widely shared by a coalition of Democrats and Republicans on the committee who felt that even Carter's meager proposal was too generous toward big businessmen and would not sufficiently cope with the unemployment problem. Instead they preferred a measure aimed directly at creating more jobs...
...same cannot be said for the new provisions that the Ways and Means Committee wrote into Carter's package. In fact, it is one of the most bizarre, zany-and ultimately self-defeating-pieces of important legislation to reach the floor of the House in a long time. Ullman's proposal is titled "the jobs tax credit," and its professed aim is to encourage companies to hire new workers. For every new employee hired, a company would be granted an income-tax credit of $1,680, or 40% of a new employee's first...
...company can claim deductions only if it is hiring at least 3% more workers than the year before. Declining firms that need help the most are thus left out. Worse still, under the Ullman plan, no company may claim deductions exceeding $40,000 or enter claims for more than 24 people (unless the new employees are handicapped or disabled). This $40,000 cap means that only small firms can take advantage of the plan; the nation's major industrial corporations, which are the most important generators of jobs, are effectively excluded. Reason: the committee developed what some...
...Ullman's handiwork evoked howls of criticism from labor and business economists alike. "An administrative nightmare," declared AFL-CIO Research Director Rudy Oswald. "It's pro-Sun Belt and anti-Snow Belt," complained Jack Carlson, the chief economist of the U.S. Chamber of Commerce, who objected to the bias for only growing firms...
Publicly, Treasury Secretary Michael Blumenthal calls that proposal "arbitrary and capricious." Privately, a White House aide fumes: "You try to put together the best plan you can, and then Al Ullman goes off the deep end with some crazy idea of his own." Carter's men argue that the proposal would unfairly benefit employers who are going to increase their payrolls anyway, tax break or no, and would encourage the wrong kind of hiring-since a company could cut its taxes just as much by employing a part-time worker at $4,200 as it could by adding...