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(Studio) Senator George McGovern presents revision of tax and welfare proposals to New York Society of Security Analysts. Calls for elimination of tax breaks for capital gains.
REPORTER: Walter Cronkite
(NYC) [McGOVERN - calls for balanced full employment economy, reduction of defense spending.] McGovern would raise new revenue by cutting defense budget and reforming taxes. [McGOVERN - says no wage and salary earners will pay more taxes.] Tax reforms include measures to: tax capital gains, end oil and gas loopholes, reduce depreciation allowances, end tax shelters. [McGOVERN - proposes $15 billion to local school systems for property tax relief.] Welfare reforms would: add public service jobs, expand Social Security, pay those remaining on welfare $4000 for family of 4.
REPORTER: Bruce Morton
(NYC) [Some Wall Street brokers express skepticism, others say McGovern's new plan shows real fiscal responsibility.]
REPORTER: Joel Blocker
- Blocker, Joel;
- Cronkite, Walter;
- Morton, Bruce
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