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Wednesday, February 17, 1993
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What's Wong??
Can't decide where to start your birthday celebration?
Don't question our Integrity-ty.
Don't question our Integra-ty. COUNT ON M.E. TO GET YOU GOING!! So, kick back, Rex and relax, have a Koch and enjoy the game. Happy Birthday Megan
NATION UNIVERSITY DAILY KANSAN
Clinton to address Congress
President to unveil tax hikes for rich and middle class
The Associated Press
WASHINGTON — On the eve of addressing Congress, President Clinton tried to smooth the way yesterday for an economic austerity plan that would impose higher taxes on families making more than $30,000 but reserve the biggest blow for Americans earning $100,000 or above.
"I think that when you see the whole program, it won't be raw pain," Clinton said. "I think most middle-class Americans, when they look at the costs plus the benefits, they're going to be much, much better off."
Senate Republican leader Bob Dole said Monday night that the market was reacting to Clinton's speech.
Wall Street was jittery about Clinton's plan. The stock market tumbled nearly 83 points on fears that higher taxes would short-circuit an economic revival and would not be accompanied by deep cuts in government spending.
"Dropping like a rock," Dole said.
"Hold on to your wallets."
The president will go before a joint session of Congress with a nationally televised speech at 9 tonight to explain details of his $500 billion plan of tax increases and spending cuts over four years.
The broadest impact of Clinton's tax program would be from a new tax on energy. Details of the energy tax were withheld until Clinton's speech, but it is supposed to be based on the heat content of fuels.
There also will be an increase in the top individual and corporate income tax rates and an increase in the percentage of Social Security benefits subject to taxation for couples earning over $32,000 or individuals earning more than $25,000.
The plan calls for a $15 billion investment tax credit and for $16 billion in short-term spending for job
intensive projects such as highway and bridge construction.
Among the options are taxes on premiums collected by insurance companies, new corporate taxes and increased taxes on such items as tobacco, alcohol, guns and pollutants. White House communications director George Stephanopoulos said Clinton had not made any decisions on the proposal.
White House aides stressed Clinton's statement that 70 percent of the revenue from all of the higher taxes would come from households earning $100,000 or more.
Stephanopoulos said that families making less than $30,000 "are very likely to have no increase at all in their taxes." While they would have been in line for higher energy taxes, they will be protected by an increase in the earned income tax credit which enables the working poor to get money back if their income falls below the level at which taxes are owed.
He said that in the $30,000 to $50,000 range, there would be a "very small tax increase," essentially the energy tax. In some cases, the increase would be as low as $20, he said.
Badminton Anyone?
Intramural Doubles Tournament
Sponsored by KU Recreation Services 208 Robinson 864-3546
When: February 20th
Where: Robinson Center
Entry Deadline: Feb 17th
5 p.m.
Entry Fee: $10/ Team
Men's, Women's and Co-rec divisions will be offered in competitive invitations & salaries.
novice, intermediate & advanced.
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