TAXES: Stripping the Stimulus

After months of tumult and argument, the Administration's tax-cut bill cleared its final major congressional hurdle last week. But the Tax Reduction Act of 1977 that was approved by House-Senate conferees bears only a passing resemblance to the measure that the White House sent over in January. Missing from the legislation were two key proposals for stimulating the economy: the $50 per person rebate on 1976 taxes and an increased investment tax credit for business. The original bill would have resulted in new tax cuts for business and individuals totaling some $22 billion over a two-year period. The conference...

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