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Tax Bill / Reform / Perot #480686

NBC Evening News for Friday, Nov 07, 1975
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(Studio) House Ways and Means Committee okays bill that extends most of `75 cuts. No ceiling on federal spending incld.
REPORTER: John Chancellor

(DC) All 12 committee Republicans voted against bill due to lack of government spending ceiling as President Ford demanded. Most Americans taxes will remain same. Provisions include: 10% investment tax credit extended until 1980 and up to $800 credit for child care. Debate can be reopened on House floor to limit tax shelters; keep investors from writing off stock losses against profits, and to make it harder for wealthy to avoid income tax. [Senator Hubert H. HUMPHREY - says Ford will have fight on his hands if he vetoes tax cuts without government cuts.] [Treasury Secretary William SIMON - says that's not good pols.] [HUMPHREY - says not the time to fool around.] Democrats don't believe Ford will veto tax cut near election.
REPORTER: Irving R. Levine

(Studio) Texas millionaire, H. Ross Perot, has contributed money to 12 members of House committee 10 voted for amendment to give him $15 million tax break. "Wall Street Journal" says Perot may get largest tax break in history.
REPORTER: John Chancellor

Reporter(s):
Chancellor, John;
Levine, Irving R.
Duration:
00:03:20

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