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1987 Washington Fiscal Watch [1] (1987)

handle is hein.tera/wasfishwa0004 and id is 1 raw text is: TAX FOUNDATION ONE THOMAS CIRCLE, NW., WASHINGTON, D.C. 20005-58OZ (202) 822-9050 WASHINGTON FISCAL WATCH Latest Intelligence on Trends for Tax FoundatiOn Members Washington, D.C. 6 P.M. January 29, 1987 Dear Member: Bilious uncertainty, laced with fear, seems to be the ruling mood in the national capital today. From the Power Centers at olppite eds of Pennsylvania Avenue-- The White House is trapped in a classic case of Lase-duck blahe compounded by growing suspicions and strains spawned by the Iran/Coztra caper. It's a depressing place in spots; a total turnabout from the bright hole of olY a few months ago. President Reagan made a valiant effort to rally his tz!ue believers in his State of the Union address, but insiders have been saying for Weeks -- as soon as the results of the November 4 election came in, actually, and tile Iraa mess has deepened the sentiment: This Administration is inoperative, for aLl practical purposes. Congress is not much better off than the White House, though noisier about it, as usual, with no settled agenda or course in sight at this writing. The Democrats, in charge of both House and Senate, are still fightime behinad the scenes over two dilemmas: First, choosing who, or what groups, will take the Party's decisions on taxes and other important issues; and second, choosist what those decisions are to be. A note of cheer in all this: From present sigz2s, including the personalities and policy leanings (as distinct from stump-speech rhetoric) of the Democratic Leaders and key Committee chairmen, moderate-to-consegvative causes have about as many real friends now in high places as in the recer.t past* The moral we hear being expressed is this: If you have a goal to win, or a disaster to head off, keep trying, more than ever. Tax outlook. Our best guess is that Congress wt tighten up the tax system but make no major new runs at your pocketbook in 1987. on vhat we pick up around Capitol Hill and the downtown agencies, Congress's tak schledUle this spring and next summer shapes up as follows: 1. A number of Reagan revenue proposals will be OX'd after much posturing and grumbling. RR wants to raise about $23.7 billion by aelling Off Federal assets (loans, Conrail, oil reserves, etc.) for hopefully about $18.3 billion and get another $5.4 billion from a swarm of nitpicking tax tightener5 in fiscal year 1988 (starts next October 1) including: --$2.4 billion from expanded IRS enforcement measures backed by new computers and a $600 million a year boost in IRS staff; --$1.6 billion from Medicare Hospital Insurance taxes oo state/local government workers not yet covered; --$0.8 billion from repealing excise tax exemptions now available to bus operators and others using diesel and gasohol vehicJae* --$0.5 billion from Social Security taxes on mi-lktary reserviste, students, farm workers, children employed by parents, spouses emplolyd bY the other spouse, plus higher Social Security tax payments by restaurants st othiere On employees' tip income; --$0.1 billion from extending to 1989 a 0.22% tak on imports' values, just imposed, which is now scheduled to decline to 0.17% o4 October 1. Senate Finance Committee hearings start February 4 oD1 these proposals.

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