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Tax Reform Bill / Congress / Provisions #201677

CBS Evening News for Friday, Dec 19, 1969
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(Studio) Congress conference committee agrees on compromise tax reform bill. It will reduce individual taxes and increase Social Security benefits.
REPORTER: Walter Cronkite

(DC) Session lasts until 3 a.m.; begins at noon today to tie up loose ends. Personal exemptions raised to $750 in 4 years Chart of exemption dates shown. Social Security benefits increase by 15%; bill eliminates $100 mo. payment. Bill exempts 7 million poor from taxes, and big reliefs to 5 million more. Oil depletion allowance reduced to 22%. Bill adds minimum tax to wealthy and increases maximum capital gains tax. In 1973, bill to result in $3.6 billion revenue loss. [Senator Wilbur MILLS - says sure Nixon not adverse to 15% increase Exemptions not incrd. to $800.] [Senator Russell LONG - says have been fiscally responsible. President would be wise to sign bill.] Bill to be ready for final passage Monday
REPORTER: Roger Mudd

Cronkite, Walter;
Mudd, Roger

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