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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
May 29, 1985
Page
2
President Reagan pitches a major tax reform plan with lower rates, higher exemptions, and fewer deductions aimed at fairness and growth. He argues the current 72-year-old system is un-American and promises broad relief for working Americans while signaling shifts in individual and corporate taxes.
Reagan tax proposals differ from Treasury ideas across exemptions standard deductions and brackets. The plan would raise exemptions to 2000, adjust standard deductions, compress brackets into 15 25 35 percent, and set tiered ranges for single filers and couples. It would modify retirement deductions deductions mortgage charity fringe benefits life insurance capital gains and corporate rates with varied treatment for small business and specific incentives.
President Reagan outlined a broad tax overhaul aiming to curb tax breaks while preserving some business meal deductions up to 25 dollars per meal with only half the excess deductible. The plan also shifts on credits, IRA changes for stay at home spouses, and limits state and local tax deductions, affecting high tax states and itemizers alike.
Washington lawmakers praise President Reagan's tax plan as a starting point for a simpler fair tax code. Rep. Dan Rostenkowski foresees Democratic support and committee hearings begin June 4, with changes possible to correct imbalances. Critics warn against tax on state local deductions harming education and states. Governor Mario Cuomo labels the proposal an insult to federalism and double taxation. Rep. Jack Kemp wants a lower top rate, offering pointed critique.
Washington AP major charitable groups tell President Reagan they welcome revisions but oppose retaining a non itemizer deduction provision. United Way of America and Independent Sector warn the plan would shrink donor incentives and cut charitable giving by billions while increasing non itemizer filings. They urge broader changes to protect charitable support and volunteer involvement.
The Aiken Standard lists contact numbers for subscriptions and classifieds. Call 648-2311 for subscriptions and news tips, or 649-1555 for classified ads. Office hours are 8 30 a m to 5 30 p m Monday through Friday at 124 Rutland Drive.
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