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Tax Reform Bill / Facets / Reaction #443784

NBC Evening News for Friday, Dec 19, 1969
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(Studio) Congress agrees on compromise tax reform bill.
REPORTER: Chet Huntley

(DC) Group finished work at 2:30 a.m. and reconvened this afternoon. Representative Wilbur Mills and Senator Russell Long are chief movers, but both hses. agreed on bill. Bill incls. 15% Social Security increase, and gradual increases in personal tax exemptions. By 1973, $9 billion year lost from revenues. Incls. oil depletion allowance decrd. to 22%, and increase in capital gains taxes. Hard for President Nixon to veto tax cuts so near election. President also opposes $21 billion Department of Health, Education and Welfare bill; $1,5 billion over what President wants. [Senator Fred HARRIS - says Department of Health, Education and Welfare and tax bill should be vetoed by President if he wants to, and we'll try to override veto.] [LONG - says Congress committee fiscally responsible. President would be wise to sign bill.]
REPORTER: John Chancellor

(DC) President not to comment on bill until he gets it. Press Secretary Ronald Ziegler renews President' threat to veto any expensive legislature President claims Congress looking at bills individually, without thinking of total budget and inflation.
REPORTER: Richard Valeriani

Reporter(s):
Chancellor, John;
Huntley, Chet;
Valeriani, Richard
Duration:
00:03:40

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