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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Sep 11, 1992
Page
9
President Bush repackages his tax plan two months before the election amid criticism he has not centered on the economy. A 1 percent tax rate cut would save a typical four member family about $5 weekly, $261 yearly, with timing tied to a new Agenda booklet and a five minute TV ad airing nationwide.
The White House proposal to trim federal salaries by 5 percent for workers earning $75,000+ could affect about 54 000 employees including 24 910 in the Washington area but constitutional bans and legal hurdles likely spare many SES members judges and other staff. House pay experts say a Congressional act would be needed to cut salaries and the plan could trigger widespread appeals and lawsuits. Jerry Shaw of the Senior Executives Association calls the plan a 5 percent tax on government executives.
The wealthiest 1 percent would receive 60 times the relief of the typical family earning 35000. Median earners would gain about 4 per week while high income households would see far larger cuts through possible rate reductions and capital gains tweaks
President Bush plans to announce approval of a 72 F-15 sale to Saudi Arabia worth about 5 billion dollars. The deal aims to save thousands of jobs at McDonnell-Douglas in St Louis and boost defense firms in Ohio and California amid regional Middle East implications. Bush to present the plan in Kansas City after clashing with Clinton over the contract.
Rep Jim Lightfoot of Alowa received a letter from FBI agents confirming he did not commit criminal wrongdoing for writing 105 bad checks at the House bank. The department special counsel told about 70 lawmakers they were no longer under investigation after the bank's closure. Neil Smith and Dave Nagle were among those named.
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