Word: reformed
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Dates: during 1960-1969
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...federal budget on time if appropriations bills continued to lag. Two days later, the Senate made it clear that it would not act this year on his proposal for a lottery procedure for the draft. The bill passed the House, but Democratic leaders in the Senate want to reform the whole Selective Service Act and contend that this requires more time. The issue apparently will reemerge next year, but Nixon need not wait. He can institute certain reforms, short of a lottery system, by executive decree...
...Reform Measures. To cover the revenue loss, the committee approved extension of the surtax at a reduced 5% rate through June 1970, a measure expected to produce $3 billion. It also endorsed, though in a more relaxed form than the House, provisions eliminating some of the more glaring tax inequities...
Committed to prompt extension of the 10% income tax surcharge. Senate Finance Committee Chairman Russell Long promised the Nixon Administration last summer that he would do everything he could to get it through. But Long's fellow Democrats were determined to bargain the surtax for tax reform, and the Louisianian could keep his promise to the President only by making another to them: in return for their votes on the surtax, he agreed to complete action on the House-passed reform bill and get it to the Senate floor...
Last week Long kept his pledge with only hours to spare. He reported out a bill that provides relief to the country's 72.8 million individual taxpayers and brings long-needed reform to tax statutes. Lowering tax rates and increasing certain deductions, the bill would reduce individual taxes by $9 billion by 1972. Closing loopholes, it would raise an additional $6.5 billion in federal revenues by 1979. The loss is expected to be offset by normal expansion of the economy...
Relief Provisions. Although the Finance Committee measure stops short of the "relief and reform" bill passed by the House last August, it still represents a major step toward equalizing the federal tax burden. Using the House bill as a guide, the Finance Committee removed 5,200,000 low-income taxpayers from the tax rolls entirely, and voted rate reductions averaging 5% for those in all but the highest income categories by 1972. It also approved an increase in the 10% or $1,000 standard deduction now claimed by most taxpayers, lifting it by stages to a new maximum...