Vanderbilt Television News Archive

(Studio) House Ways and Means Committee said meeting to vote on how to cut millions from Medicare and other benefit programs. Vote said resulting in cut in Medicare benefits plus extension of time for paying unempl. benefits by raising income taxes on these. Influence of private money on government said illustrated by maze of tax laws and their loopholes passed by Congress Tax sheltered benefits said subject of comment.
REPORTER: Dan Rather

(Studio) Chris Evert Lloyd, and others cited as being considered corps. by IRS, with result that individuals can set up retirement funds on tax exempt basis. Dr. Jack Moshein cited. [MOSHEIN - talks of benefits to himself by plan.] Details given. [Representative Charles RANGEL - explains purpose of reform bill.] Side effects caused by reform measures explained. [MOSHEIN - claims he is responsible for entire income of his office.] [Attorney David BRADY - talks of flaws in reasoning.] [MOSHEIN - says if he can't benefit from pension plan, he will abandon it.] Tax reform said possibly meaningless. Clamor to make tax shelters extinct noted.
REPORTER: Bill Moyers