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26 Tax Foundation's Washington News 1 (1974)

handle is hein.tera/wingnews0028 and id is 1 raw text is: January 25, 1974 Vol._26_ No.. 1 1725 K Street, N.W. Washington, D. C. 20006 $300 BILLION BUDGET SCHEDULED TO GO TO CONGRESS FEBRUARY 4 The Congress began its new session January 21, and what promises to he an unusual session is already getting off to an unusual start. For examle, the Senate yesterday almost approved a budget-busting $3 billion net tax cut. First, Senators approved two anendments to a relatively-minor Finance Committee tax bill -- one increasing the personal exemption from $750 to $850, and the second increas- ing the minimum tax paid by high-income taxpayers and corporations. However, the Senate finally backed away and killed both the amendments and the entire bill. The traditional session-opening schedule also has been upset. Originally the state-of-the-union address was scheduled January 23 and the fiscal 1975 bud- get was to have gone to Congress January 28. The former, however, was set back, first to January 29 and then to the 30th. The budget message also was rescheduled, to February 4. Since the Economic Report must be submitted by February 1, it will precede the budget this year. Further, two snecial messages, on energy and educa- tion, have already gone to Congress, and a third may be submitted in advance of the Presidentt s anearance. Budget officials have already revealed the broad dimensions of the fiscal 1975 budget -- outlays topping $300 billion, with a deficit in the range of $6 to $10 billion. Signs of a less restrictive budget stance are found in the two special messages already submitted. In addition to its tax proposals -- a windfall profits tax of up to 85 per- cent on receints from crude oil sales above the Cost of Living Council ceiling, and elimination of the depletion allowance for foreign oil and gas production being the major ones -- the energy message also proposes extended unemployment benefits for those whose jobs are lost due to the energy crisis, and announces a commitment of $1.8 billion in fiscal 1975, and $10 billion over the next 5 years, for energy research and development. In his education message the Chief Executive said Federal spending for education will total $7.6 billion in fiscal 1975. That message also urged: con- solidation of school aid programs to give state-local governments more leeway in using Federal funds; recommended forward funding of school aids so local offi- cials know before the school year how much Federal money they will get; proposed an increase to $1.3 billion in funds for the Basic Opportunity Grant program, providing aid to needy college students; called for enactment of a new program to assist in improving public library services; and again recommended phasing out that Dart of the Fedaral imact area school aid program which provides funds for children whose parents work but do not live on Federal property, but with a proviso that no school district oerating budget will be reduced by more than 5 percent the first year. (The next issue of the News will be distributed February 4, and will provide highlights of the President's budget message.)

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