Masonry Magazine February 1985 Page. 46
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the WASHINGTONwire...
continued
Setting an over-all cap on a hospital stay, rather than paying the summed-up total of a bundle of individual services. Doctors will fight this and will likely succeed in blunting the full impact.
Veterans benefits for non-service-connected illness will survive attack, but cost-of-living hikes will be reduced.
Now-for the outlook for other programs Reagan wants cut: Revenue-sharing will be trimmed; the White House argues that states/cities have surpluses and can afford paring. Aid to education and student loans face further slicing. Killing the Department of Education is under study again. Employment programs for training, etc., will be crimped. Postal subsidies will be cancelled, sending rates higher. Regional/community/urban development aid will be killed the Small Business Administration and civil-defense, too.
Congress will also act on areas of regulation-areas that don't involve spending. But there won't be much of this: In banking, there will be action on the spread of nonbank banks and bills to permit institutions to compete harder. In foreign trade, authority for the President to restrict strategic goods, which died last year, will be revived. In immigration, there will also be a push to revive last year's bill. Post-election, this legislation could pass. And bills to limit product liability may also be enacted.
ALTOGETHER, the defense and nondefense cuts will not top $40 billion. That still leaves a $175 billion deficit, explaining the call for tax hikes. But Reagan will cling to his campaign promise, so no increases... this year. But he does like tax reform and will support the Treasury's new proposals.
IN A NUTSHELL, these would replace today's 14 income-tax brackets-going up to a top of 50%-with three steps with rates of 15%, 25% and 35%. Exemptions and the standard deduction would be fattened, but key deductions would be ended or limited. Some of the burden would be shifted to business, partly by dropping of the investment credit and less generous depreciation.
Both the Democratic and Republican flat-tax plans drafted earlier are basically similar to the Treasury's and have, therefore, prepared the way for a sympathetic reception.
46 MASONRY-JANUARY/FEBRUARY, 1985