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Senate panel taps sweeping tax overhaul plan
The Senate Finance Committee backed a broad tax reform plan that repeals most IRA deductions and cuts top rates. It would tax around 40 percent of workers at 15 percent, lift standard deductions, double personal exemptions, and raise corporate rates while clamping down on shelters for higher earners. President Reagan praised the plan as a major reform step, with final passage likely on the Senate floor in June amid varied industry reactions.
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