Social Security plan faces political risk in Congress
A proposed temporary tax cut for 132 million workers and 6 million businesses aims to boost the economy by funding Social Security benefits. The Senate shows support, but the House resists, citing a potential $30 billion deficit impact. Moynihan argues the cut is needed to restore worker confidence in Social Security’s funding. The plan would gradually reduce taxes over 25 years, with a claimed growth boost of up to 1 million jobs.
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House
Mark Wheat
Citizens For
Dan Rostenkowski
D-N
Ways and Means Committee
Daniel Patrick Moynihan
D-N.y
Moynihan
Corporate tax gap widens faster than individual gap in hearings
GAO auditors told a Senate panel that the corporate tax gap could reach about 31 billion dollars next year, driven by rising non compliance among small corporations including mom and pop businesses and many professionals. Large firms and individuals show slower growth in non compliance.
MENTIONED IN THIS ARTICLE
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Congressional
General Accounting Office
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Jennie S. Stathis
GAO
Senate Permanent Subcommittee On
Internal Revenue Service
Grain futures tight on Chicago Board with May wheat gains
Chicago Board of Trade futures show May wheat up to around 2.83 dollars and corn May around 2.57, with daily changes modest. Open interest and Tuesday sales numbers cited reflect active trading and liquidity in wheat corn oat contracts.
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Chicago Board of Trade
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