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Senate tax reform would shield the poor from income tax
The plan backed by Reagan and Senate leaders would permanently insulate the nation's poorest working families from federal income tax. A two-child family at the poverty line could see taxes drop from 11 percent to about 22 percent, with safeguards against inflation in a system with higher standard deductions and expanded credits. Critics warn low income housing incentives may raise rents. The bill faces amendments and broad support in the Senate, with debates on preserving IRAs and creating a higher 33 percent bracket for the very wealthy.
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Chronicle-Telegram
Senate
Washington
Senate Finance Committee
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Reagan
George Mitchell
Maine
Bob Packwood
Packwood
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Mitchell
Finance Committee
America