Senate Finance panel opens tax-cut hearings

The Senate Finance Committee opened hearings on the tax cut issue Wendesday, with chairman Russell Long (D) of Louisiana saying a majority of Democrats appear to favor enactment of a cut now. Republicans on the committee also pressed for a cut this year, backing Ronald Reagan's proposal for a 10 percent income tax reduction, the first of three such cuts, and faster depreciatin allowances for business.

Secretary G. William Miller repeated his position Wednesday that enacting a tax cut during the election period would result in bad legislation which could reignite inflation and interfere with recovery from the recession.

of 5 stories this month > Get unlimited stories
You've read 5 of 5 free stories

Only $1 for your first month.

Get unlimited Monitor journalism.