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Tax Reform / Senate Bill #200947

CBS Evening News for Friday, Oct 31, 1969
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(Studio) Senator Finance Committee approves tax cuts of $9 billion.
REPORTER: Walter Cronkite

(DC) 5% cut for all slated by House to begin in 1971; Sen says 1972. [Senator Russell LONG - calls bill 3rd most impt revenue bill. To reduce taxes and raise $7 billion taxes for various groups. To be taxed more heavily: capital gains, real estate tax shelters, oil industry, conglomerates, private foundations, and banks and savings assns. Busmen. have right to lobby.] Bill heavily lobbied
REPORTER: Roger Mudd

(Studio) Senator bill awaits floor action, and must be aligned with House bill. Key features: exemptions and reductions for poor; reduced rates for everyone from 1-8%; relief for single taxpayers; doubling of standard deductions for those who don't itemize such; and closing loopholes.
REPORTER: Walter Cronkite

Cronkite, Walter;
Mudd, Roger

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