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Tax Cut Bill #36399

ABC Evening News for Wednesday, Mar 26, 1975
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(Studio) Both hses. of Congress expected to pass $22.8 billion tax cut bill.
REPORTER: Howard K. Smith

(Capitol Hill) Representative Al Ullman cuts bill down from Senator version; Senator Russell Long gets lion's share of oil depletion allowance compromise. Details of tax credit provisions for individuals outlined; incls. income tax rebate, hsing. credit, Social Security payment. [ULLMAN - believes package sound; to have tremendous effect on recession.] Big fight in conference committee over oil depletion allowance. Unknown if President will sign bill; Ullman and Long predict if he doesn't, Congress to override veto.
REPORTER: Sam Donaldson

(White House) President Ford doesn't like compromise bill all that much, but pol. problems raised by veto are obvious. Spokesperson Ron Nessen indicates decision on bill several days away. Specific provisions opposed by President incl. work bonus plan.
REPORTER: Steve Bell

Bell, Steve;
Donaldson, Sam;
Smith, Howard K.

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