Clinton To Propose Targeted Tax Cuts
By Marc Sklar/CNN
WASHINGTON (Dec. 22) -- White House officials confirmed today that President Bill Clinton will propose some "specific, targeted tax cuts" in his 1999 fiscal year budget.
Gene Sperling, director of the National Economic Council, says the president, however, is ruling out any sweeping change in the tax code for now.
Appearing on CNN's "Inside Politics," Sperling said the tax cuts will be announced in Clinton's State of the Union address scheduled for Jan. 27.
Sperling would not detail the amounts or types of tax cuts but said they must be fully paid for and consistent with the balanced budget agreement struck with Congress earlier this year. He added the cuts should further adminstration goals such as improving access to education and affordable health care.
Another administration priority for 1998, according to Sperling, will be early passage of the IRS reform bill supported by both the White House and leading congressional Republicans.
Sperling said a major change in tax policy is not planned for either the budget proposal or an announcement in the State of the Union speech. But the White House will continue to review proposals for overhauling the tax code.
Sperling would not rule out the possibility that a plan acceptable to the White House could be on the table sometime next year.
To be acceptable to the White House, Sperling says any revision of the tax code must show continued fiscal responsibility, be fair to all Americans, be good for the economy and simplify the tax system.
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Monday Dec. 22, 1997
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