Program for New Federalism

A package of cuts and taxes to stem all that red ink

The buildup to Ronald Reagan's State of the Union address has been a kind of will-he or won't-he suspense serial that has been running for almost two months. But when he steps before a joint session of Congress and the TV cameras next week, the President will finally provide the answer: yes, he will ask for higher taxes, perhaps $40 billion to $60 billion over the next two fiscal years. If enacted—a very large if—they could extract more money from everyone who buys a beer or a pack of cigarettes...

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