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Senate Panel Approves $11.6-Billion Tax Increase

October 17, 1987|Associated Press

WASHINGTON — The Senate Finance Committee approved an $11.6-billion deficit-reduction tax increase Friday that would fall mainly on higher-income wage earners and corporations.

The measure would raise Medicare taxes on about 8 million people who will earn more than $45,000 next year, take away a major tax break for defense contractors and toughen rules requiring corporations to pay a share of their taxes in advance.

The bill includes several provisions that were in a $12.3-billion increase the House Ways and Means Committee has adopted.

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