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Tax Plan / Congress / Corps. / Vanik #237527

CBS Evening News for Tuesday, Oct 07, 1975
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(Studio) Debate begins over Ford's plan for linking $28 billion tax cut with federal spending cuts.
REPORTER: Walter Cronkite

(DC) Ford to continue cuts in payroll taxes so pay won't suddenly drop in January when current tax cuts expire. Personal exemptions will be incrd. and tax rate reduced. Bus. taxes reduced; investment tax credits set at 10% and present rate changes extended. Charts show changes. [Chairperson House Ways and Means Committee Al ULLMAN - says if agree to ceiling on federal budget, we'll fight all year on where cuts to be made.] [Chairperson House Appropriations Committee George MAHON - need to explore where cuts needed in spending.] [Senator Edmund MUSKIE - says Ford hasn't indicated where he wants cuts.] Democrats want to extend current tax cuts and look at budget when Ford sends it to them.
REPORTER: George Herman

(Studio) In proposing $7 billion cut in corporation taxes, Ford cites need for incentives for investment. Representative Charles Vanik says study of 142 corps. showed they actually paid 22.6% taxes last year; 1/2 of 48% corporation tax rate. 8 of firms paid no taxes. 18 paid less than 10%. Vanik says tax reform needed.
REPORTER: Walter Cronkite

Cronkite, Walter;
Herman, George

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