Moving in fits and starts, and fending off more than 100 often spurious amendments, the Senate last week approved the largest tax cut in U.S. history. Coupled with a historic repeal of the 49-year-old oil-depletion allowance for all but the smallest independent oil producers, the $33 billion tax-relief bill must now be compromised with a similar, although smaller $21.3 billion cut approved by the House. Under heavy pressure from the White House to act speedily to spur the nation's depressed economy, congressional leaders hope to present President Ford with a final tax package this weekÂten weeks after he presented...
CONGRESS: Toward the Biggest Tax Cut
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