The Michigan Daily- Friday, November 8,1991 - Page 7
Democrats show support for new redistributive tax credit policy
WASHINGTON (AP) - House
Democratic leaders lined up behind a
ew initiative yesterday to top their
1992 election-year agenda: a tax
credit of up to $200 a year per
worker, paid for by upper-income
Americans.
Ninety million couples and indi-
viduals would get tax cuts in 1992
and 1993 while the richest I million
would pay more - permanently.
"It runs to the heart of what
Democrats stand for," said Rep. Dan
*fostdnkowski (D-Ill.), chairperson
of the House Ways and Means
Committee and author of the
proposal.
The plan was promoted as good
medicine for a sluggish economy and
as a major effort to make the tax
system fairer. The Democrats, who
control Congress, emphasized that
no action will be taken on the pro-
posal until early next year, even
though they promised that the tax
relief would be retroactive to Jan. 1,
1992.
While action must wait, said
House Majority Leader Richard
Gephardt (D-Mo.), the mere fact
that the top two tax-writers in
Congress - Rostenkowski and Sen-
ate Finance Committee Chairperson
Lloyd Bentsen (D-Texas) - have
called for middle-income relief
should be "pretty convincing in-
formation" to Americans uncertain
about the economy.
Bentsen's tax-cut proposal
would benefit fewer people than
Rostenkowski's, but the most strik-
ing contrast is in the financing of
the reductions. While Ros-
tenkowski would put the bite on
higher-income taxpayers - singles
above $85,000 and couples over
$145,000 - Bentsen would take the
money out of the defense budget.
The big question, Gephardt said,
is how does President Bush propose
to help taxpayers? "He's off in
Rome and the people are here in the
United States having trouble paying
their bills," Gephardt said.
Bush has said he is not certain a
tax cut would help the economy and
is standing by his call for a reduc:
tion in taxes on capital gains, which
are profits from the sale of invest-
ments and other property.
Rostenkowski's bill would:
Give every worker an income-
tax reduction for 20 percent of So-
cial Security-Medicare taxes paid,
with a maximum credit of $200. The
maximum would go to single peo-
ple earning $13,075 or more and to
two-earner couples earning $26,150
or more. The credit would be made
available through reduced with-
holding from paychecks in 1992 and
1993;
Create a new 35 percent tax
bracket, which would apply to any
portion of a couple's taxable income
above $145,000 and to a single per-
son's income above $85,000. The ex-
isting three brackets of 15 percent,
28 percent and 31 percent would not
be changed, and;
Impose a new surtax on the
30,000 richest Americans. The sur-
tax would be 10 percent of the taxes
paid on the portion of income over
$1 million.
The surtax and the 35 percent
bracket would remain in effect per-
manently. Revenue from the first
five years would pay for the tempo-
rary tax.credit.
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