Vanderbilt Television News Archive

(Studio: Dan Rather) Labor Department reports for wholesale prices, food and energy costs discussed. Commerce Department's figures on retail sales also noted. Stk. Mkt. Report Budget summit and disagreement over necessity of taxation mentioned. Report introduced.

(DC: Lesley Stahl) Scenes from President Reagan's movie "This is the Army" shown. Reagan's aversion to taxation said dating back to early career when taxes were high. Democrat Walter Mondale's call to raise taxes mentioned. [MONDALE - (in 1984 campaign speech) would raise taxes.] Budget summit stalemate discussed. Feasibility of income taxes discussed. [Former deputy treasurer secretary Richard DARMAN - says people will react negatively to raising taxes after all the tax reform measures passed last year] Gas tax graphically illustrated. [DARMAN - says decrease foreign consumption of gasoline would be beneficial.] Democrats asserting that gas taxes are unfair to the poor noted. Taxes on cigarettes and alcohol also graphically illustrated. [Chairperson Ways and Means Committee Dan ROSTENKOWSKI - it is nearly impossible to raise taxes on alcohol and cigarettes.] Wealth and corporation taxes graphically discussed. Republicans' negative reaction to such taxes noted. Dilemma of Congress leaders and reducing budget deficit iterated.