Word: ullman
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Ford had planned to follow tradition and unwrap his tax proposals in his State of the Union address in January But that timetable was torn up last week, when Democratic Congressman Al Ullman's Ways and Means Committee seemed to be making fast progress on a complicated package of tax reforms. Beyond revising the tax laws, Ullman expected to extend most provisions of the "temporary" tax cut that had been enacted earlier this year to spur the lagging economy. These lower rates are scheduled to expire on Jan. 1, and without action before then, withholding rates will revert...
...Ullman's committee had planned to call Simon last week to testify on whether the Administration would support such an extension. The White House did not see Ullman's hearings as the best forum for a major Administration tax statement, so Ford decided to get the jump on the Democrats...
Ways and Means Chairman Ullman fumes that the very idea is "totally preposterous." Congress, he points out, can scarcely be expected to deal with "a mythical budget that doesn't exist. Now if the President really wants a $395 billion budget, he ought to send it up." Democratic Senator Hubert Humphrey dismissed Ford's proposal as "a subtle ploy but not hard for people to figure out: give 'em a tax cut in January and hack the budget after the elections...
...delay in price boosts would be especially likely if Congress votes to tax away most of the "windfall" profits that oil companies would reap from the increases. President Ford proposed a windfall-profits tax as part of his program for gradual decontrol. Congress has not yet acted, but Al Ullman, Chairman of the House Ways and Means Committee, said last week that if all controls on oil prices lapse his panel would devote the first two weeks of September to writing a bill and bringing it to the floor...
Slim Chances. Democrats on the Ways and Means Committee last week objected strongly to Simon's emphasis on lowering corporate taxes. Said Chairman Al Ullman: "I just simply cannot adjust my thinking to a reduction of corporate rates that would shift the burden further to the individual taxpayers." Another criticism is that Simon's proposed reductions for individual taxpayers would make the tax system less progressive, by giving the biggest benefits to upper-income people, who own more stock and collect more dividends than individuals in the lower brackets...