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. 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