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Inflation bite grows as tax cuts fail to offset costs
Inflation and higher Social Security taxes erase gains from a $16.2 billion tax cut. Analysts warn middle income taxpayers face higher bills in 1979 once inflation and payroll increases are counted, with single earners and two-child families seeing rises rather than relief. The Ways and Means Committee approved the smaller plan after Carter proposed a larger $24.5 billion cut.
MENTIONED IN THIS ARTICLE
House
Ways and Means
Carter
Thomas P. O'Neill
Peter Davis
Joint Committee
Ways and Means Committee