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The Nation : Reagan Accepts Tax Plan

May 15, 1985

President Reagan accepted a far-reaching tax-simplification proposal and will launch it Monday with a nationally televised address emphasizing its "Populist" aspects, officials said. Reagan approved most aspects of the plan--which includes a doubling of the personal exemption to $2,000, lower individual tax rates and the elimination of many popular deductions and tax breaks--at a meeting with Treasury Secretary James A. Baker III and other senior officials. Officials said the proposal will include an individual income tax rate of 15% for low incomes, 25% for middle incomes and a top bracket of 34% or 35%.

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