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Senate Tax Reform Bill

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OPINION
May 18, 1986
Under either the Senate or the House versions, married couples with decent incomes and no children will be taxed more heavily than they have been in the past. Childless couples have always been taxed more heavily than couples with children. Why? The world is presently facing an overwhelming population crisis. Most demographers agree there are too many people in the world. It is, therefore, not sound social policy to tax childless couples more heavily than similarly situated couples with children are taxed.
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OPINION
May 18, 1986
Why has nobody mentioned, much less deplored, the body blow to what we once fondly called the progressive income tax--that is, an increased rate of taxation in accordance with increased income? Its destruction has long been the goal of the more disreputable sections of the Republican Party who have astronomical amounts of income to defend, but without a chance of adoption until the voters saddled themselves with Ronald Reagan and all that goes with him. The most glaring example in the Senate bill is the uniform rate of 27% on incomes of $29,300 ($17,600 for singles)
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NEWS
July 4, 1986
Senate Finance Committee Chairman Bob Packwood, giving a boost to efforts to craft a final tax reform bill, said in an interview with the Portland Oregonian that he could accept a House idea of raising business taxes to help the middle class. Packwood (R-Ore.), who will lead Senate forces in the conference committee that will write a compromise tax overhaul measure, said the recent proposal from House Ways and Means Chairman Dan Rostenkowski (D-Ill.) was "a good agreement."
NEWS
May 11, 1986 | KAREN TUMULTY, Times Staff Writer
President Reagan, again citing tax overhaul legislation as his top domestic priority, Saturday called on Congress to pass the Senate Finance Committee's version of the bill "as fast as possible." "Death and taxes are inevitable, but unjust taxes are not," said Reagan, who suggested in his weekly radio address that the Senate committee bill could "transform a tax system rotting from unfairness and complexity . . . into one that is clear, simple and fair for all." Meanwhile, Sen. John W.
NEWS
July 17, 1986 | SARA FRITZ, Times Staff Writer
Senate Majority Leader Bob Dole (R-Kan.), expressing growing bipartisan sentiment in Congress, called Wednesday on Chevron Corp. to relinquish its oil production rights in Angola on grounds that the firm is helping to support the Marxist government there.
BUSINESS
June 26, 1986 | Debra Whitefield
QUESTION: How realistic is it that the drastic capital gains changes proposed for the new tax laws will actually come to pass? Are capital gains really likely to be 100% taxed, just as ordinary income is? Or is a compromise between the current 40% and the proposed 100% likely?--M. R. ANSWER: You can expect one last push by lobbyists to restore this controversial tax break, which Sen. Bob Packwood (R-Ore.) has blasted as "the biggest loophole for the rich."
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