The Lost Cap

The Senate preserves a tax cut

Supporters of the $720 limit on the amount a family would save as a result of President Reagan's 10% tax-rate cut, which went into effect last Friday, never really expected their amendment to become law. Passed two weeks ago by House Democrats to dramatize their claim that the President's tax policies favor the rich and penalize the poor, the measure faced a Republican-controlled Senate and ultimately a presidential veto that Congress lacks votes to override. Last week, as expected, the Senate delivered the legislative coup de grâce to the cap by a 55 to 45 vote...

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