Flat tax credit plan wins economists backing for tax reform
Economists John Makin and Norman Ornstein of the AEI propose converting all deductions into a 15 percent tax credit to equalize value across brackets. The plan would shrink mortgage interest writeoffs from 500 to 150 for a 1000 monthly payment and could help lower top rates from 50 to 35 percent without reducing revenue. The administration has not endorsed the idea, and Congress may delay action into 1986.
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Kenneth Eskey Scripps
Howard News Service
Washington
Reagan
American Enterprise Institute
John Makin
AETI
Makin
AEI
Norman Ornstein
Congress
White House
Europeans pay higher taxes but gain deductions in many states
Europeans face higher income tax rates than Americans yet benefit from deductions for work costs schooling life insurance and family needs. The United States shows mid-range rates with European allowances lowering bills in Britain West Germany Italy the Netherlands Sweden and France alongside contrasting OECD figures on two-child family taxes.
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Larry Thorson
Associated Press
London
Reagan
U.S
Europe
Britain
Financial Times
United States
Organization For Economic Cooperation and Development
West Germany
Finance Ministry
Bonn
Italy
Netherlands
France
Reagan 1981 tax cuts linked to 1984 investment boom
President Reagan cites a one year doubling in net business spending on factories machinery and computers in 1984 as proof the 1981 tax cuts spurred growth. Economists remain divided on tax cut effects and overall economic outcome.
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Reagan
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