An Election-Year Tax Increase?

Confounding cynics, Congress weighs a $21.1 billion boost

It is widely thought to be one of those political impossibilities, like voting against a resolution in praise of the flag. Nonetheless, there is a growing chance that Congress really will raise taxes in an election year, just as it said it would when the budget was approved in June.

The budget resolution declared that taxes ought to be raised by $20.9 billion during fiscal 1983, which starts Oct. 1, in order to keep the prospective federal deficit from exceeding $104 billion. The crucial questions of whose...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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