CONGRESS: Toward the Biggest Tax Cut

Moving in fits and starts, and fending off more than 100 often spurious amendments, the Senate last week approved the largest tax cut in U.S. history. Coupled with a historic repeal of the 49-year-old oil-depletion allowance for all but the smallest independent oil producers, the $33 billion tax-relief bill must now be compromised with a similar, although smaller $21.3 billion cut approved by the House. Under heavy pressure from the White House to act speedily to spur the nation's depressed economy, congressional leaders hope to present President Ford with a final tax package this week—ten weeks after he presented...