NBC Evening News for Saturday, Jul 05, 1980
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(Studio) Congress said adjouned for 4th of July holiday. Noted that both Democrats and Republicans are considering tax cut legislation. President Carter and Ronald Reagan named.
REPORTER: Jessica Savitch
(DC) Effect of tax cut proposed by Reagan on most Americans considered. Congress Jack Kemp named. [Congress Charles VANIK - proposes a $250 tax credit for every taxpayer.] Next year's increase in Social Security tax noted. [Senator Lloyd BENTSEN - says Americans don't want a tax cut that will add to inflation.] [VANIK - says tax cuts should not be allowed within 6 mos. of an election because it is an attempt to purchase votes.] Steel industry said needing tax cut to modernize.
REPORTER: Irving R. Levine