Doleful Tax Increases

July 1982
National Review;7/23/1982, Vol. 34 Issue 14, p876
The article reports on the passage of a bill related to tax increase by the U.S. Senate Finance Committee. The bill is considered as a set of tax reform measures. According to the bill, cigarette smokers will pay doubled taxes. There is an increase of $2.7 billion excise tax on the telephone system. The construction industry and savings and loans will get new tax burdens. These measures are taken by the Congress to enhance revenue. But several provisions in the bill will add little or no revenue. Like, the provisions on mortgage subsidy bonds and the targeted jobs credit will lose revenue for the government.


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