Business: Tussle Over a Two-Bit Tax Cut

The White House mounts a no-win war on capital gains

Jimmy Carter's much battered package of tax cuts and reforms has brought the White House nothing but headaches since it was introduced six months ago, and last week the problems multiplied still more. The trouble now is the Steiger amendment to reduce taxes on capital gains. Because of his loud but late opposition to it, the President has suddenly found himself facing a potentially explosive confrontation with Congress.

The House has been chipping away relentlessly at Carter's package. Congressional pressure has forced him to...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!