Taxes

Congress will indulge in much sound and fury over taxes in April, but don't look for any real action until much later this year. The Senate is likely to get the ball rolling by approving a cut in Social Security taxes offered by Senator Daniel P. Moynihan (D-N. Y.). The cut will sail through because it will be part of a nonbinding budget resolution. The plan still faces opposition from Senate Finance Committee Chairman Lloyd Bentsen (D-Tex.), House Ways & Means Committee Chairman Dan Rostenkowski (D-Ill.), and the Bush Administration.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.