CBS Evening News for Monday, Oct 10, 1977
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(Studio) On return from Camp David, President Carter says he expects to have tax reform plan ready for Congress soon. Rptd. details of package noted.
REPORTER: Walter Cronkite
(NYC) Sources say Carter tax plan would eliminate some business tax deductions now made for business conducted at sports events, on trips and over meals. Most busmen. admit there have been abuses, but say they can't get along without business lunch. [Foote, Cone and Belding president John O'TOOLE - notes tax proposal would add expense to company's way of doing business, but it would continue to conduct business same way, because business lunch is integral part of doing business and because it's productive.] Admin. wants to stimulate investments with tax incentives, but also wants to end capital gains tax. Wall Street leaders say this could slow investments. [E.F. Hutton pres. George BALL - says this plan would decrease GNP, increase unemployment and incr. fed deficit.] Concerns of charities with regard to tax plan cited. [American Cancer Society spokesperson John PARMER - believes all charities will be affected if proposal goes thru. Cites exs. of churches, colleges, American Cancer Society and United Way.]
REPORTER: Ray Brady