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Campaign `72 / McGovern-Tax and Welfare Reforms #22146

ABC Evening News for Tuesday, Aug 29, 1972
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(Studio) Early in his Presidential campaign, Senator George McGovern proposed a plan by which every individual in United States would receive $1000 annual grant, which would be taxed back from him as he could afford (in most cases in multiples of the amount). Republicans take issue with plan. McGovern presents alternative program. Addresses New York Society of Security Analysts to present it.
REPORTER: Harry Reasoner

(NYC) [McGOVERN - says under his plan no wage earner will pay 1 penny more in taxes. Incr. federal monies would come from closing loopholes to corps. and rich people.] McGovern would tax capital gains, municipal bonds; eliminate oil and gas depletion allowances, real estate tax shelters, death and gift tax loopholes. Proposes $15 billion grant to local schools to relieve property taxes. [McGOVERN - guarantees jobs to cut welfare rolls.] His national income insurance plan guarantees jobs to those willing and able to work, expands Social Security, provides $4000 grant to family of 4 with no income. Pledges to reduce defense spending by $10 billion a year for 3 years Says he will ask Wilbur Mills to be Secretary Treasury if elected.
REPORTER: Frank Reynolds

(Studio) Mills appreciates McGovern's offer but will wait to see if McGovern wins before deciding whether to accept it. Wall Street broker's reaction is that McGovern's new stance is less radical, but his programs would still lead to unemployment and inflation. Another says McGovern's plan clearer but no better.
REPORTER: Harry Reasoner

Reasoner, Harry;
Reynolds, Frank

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