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Republicans Pass Tax Cut...

Richard W. Stevenson writes in today's New York Times, House Republicans pass "largest tax cut in nearly 20 years despite a veto threat from President Clinton." The House vote was passed along party lines: 223 to 208. Republican House leaders avoided catastrophe in appeasing moderate Republicans from detracting by "adding a complex and hastily written provision that makes a portion of the tax cut contingent on reducing the interest payments on the national debt." Federal Reserve Chairman Alan Greenspan, a usual supporter of tax cuts, characterized the Republican "drive for a huge tax cut as premature and economically unwise." "The Republicans' bill calls for personal income tax rates to be cut gradually by 10 percent over the next decade, and for the top rate on capital gains to be reduced to 15 percent from 20 percent immediately." Noel Munier

Tue, 16 Nov 1999 13:35:03 -0800