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Packwood Introduces Tax Bill

March 13, 1986|Associated Press

WASHINGTON — Senate Finance Committee Chairman Bob Packwood (R-Ore.) today introduced--with President Reagan's support--a bill that would produce the most sweeping changes in the federal tax system in more than 30 years, reducing individual income taxes by an average 8.4%.

The legislation would raise consumer taxes on alcohol, tobacco and gasoline and shift to corporations a tax burden of between $110 billion and $185 billion over the next five years. How the excise tax increases would affect the total tax picture of individuals and businesses is a matter of speculation.

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