House Panel Offers New Tax Cut Plan: Tax Proposal Rejected
Rejecting the plan put forward two weeks ago by President Ford, the House Ways and Means Committee voted yesterday to extend this year's anti-recession tax</br></br>Rejecting the plan put forward two weeks ago by President Ford, the House Ways and Means Committee voted yesterday to extend this year's anti-recession tax be materially changed. yc;fi: Or taaxd lyetill hb <a iw bailee most taxpayers would end up only eight monthsÛÓthe bill did not take effect until May 1ÛÓwhile next yearÛªs cut would run for 12.</br></br>No oneÛªs total taxes next, year would be cut more than about $'200 under theÛªcommittee bill. Most peopleÛªs would be cut much less.</br></br>Because of the way the bill is written, the greatest cuts would generally go to single individuals and to smaller families of four or fewer with incomes in the $10,0G0-to-$25,000 range.</br></br>The plan the committee approved. 21 to 16, was proposed by Chairman A1 t.MIman (D-Ore.). Four Democrats, including former Chairman Wilbur D. Mills (D-Ark. >. joined all 12 committee Republicans in opposition.