Tax reform could raise taxes for a quarter of filers
AP notes Joint Committee on Taxation estimates about 25 percent of filers face a tax increase next year under the reform plan, while 70 million plus taxpayers would keep more under the overhaul. Secretary details show deductions cut, rates lowered later, with delays creating higher taxes for many. negotiators consider advancing rate cuts to Jan 1, 1988 to ease impacts.
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Senate aims to restore automatic Gramm-Rudman cuts
The Senate voted 63 to 36 to revive deficit cutting by revising Gramm-Rudman. The plan shifts the comptroller function to the budget director with Congress retaining control over estimates and veto power, aiming to commit to a balanced budget and trigger automatic cuts if deficits exceed targets.
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