Tax-cutter Regan may turn tax booster
Treasury Secretary Donald Regan now thinks the Reagan administration may be forced to seek higher taxes in order to reduce a federal budget deficit that could approach $200 billion in the current fiscal year, a Treasury spokesman said Monday.Skip to next paragraph
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''He (Regan) is considering the need for tax increases,'' a spokesman said in response to a published report that Mr. Regan already had urged President Reagan to move in that direction. Only a month ago, Mr. Regan was hoping to stimulate the economy by advancing by six months a tax cut scheduled for next July 1 - a move that would have added an estimated $14 billion to the current year's deficit.