Oil tax figure cut

Press, 3 August 1981, Page 9

Oil tax figure cut

NZPA-Reuter Washington A joint Congressional committee, after a 16-hour ses-

sion, has produced the final version of President Ronald Reagan’s tax bill to cut income taxes by 25 per cent over three years. The Senate met to consider the measure but put off a vote until tomorrow after several senators asked to see the full bill in print. Weary members of the committee worked throughout the night until shortly before 8 a.m. to produce a compromise bill reconciling the differences between the House of Representatives and Senate versions.

The final revenue cost of the tax measure was about 5750 billion over six years.

The approved bill contained Mr Reagan’s proposed basic 25 per cent reduction in personal income taxes over three years, and business cuts through faster depreciation of plant and machinery. At times during the committee session, the bill’s passage was threatened over a dispute on oil taxes. The panel finally agreed to cut taxes on the oil industry by $11.7 billion, a figure halfway between those called for in earlier Senate and House bills.