High Noon for Withholding

When Congress reconvenes after Easter, one issue will be back on the front burner, with the heat full blast: Should the 1982 law on withholding—the one requiring that 10 per cent of taxes due on interest and dividends be withheld by banks and sent directly to the government—which is now scheduled to go into effect July 1, be rescinded? On the side of the repealers are some fifty senators, led by freshman Republican Robert Kasten (Wis.), and including conservative rock- ribbers like Helms, Humphrey, Quayle, East, Jepsen, and Denton.

Ranged on the other side are Senator Bob Dole, chairman of the Senate Finance Committee, Senate Majority Leader Howard Baker, Speaker Tip O’Neill, House Minority Leader Bob Michel, Chairman Dan Rostenkowski of the House Ways and Means Committee, and assorted archetypal libs including Teddy, Chris Dodd, Howard Metzen- baum, Ralph Nader and his Congress Watch, Common Cause, and the U.S. Internal Revenue Service.

JM

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John McLaughlin

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When Congress reconvenes after Easter, one issue will be back on the front burner, with the heat full blast: Should the 1982 law on withholding—the one requiring that 10 per cent of taxes due on interest and dividends be withheld by banks and sent directly to the government—which is now scheduled to go into effect July 1, be rescinded? On the side of the repealers are some fifty senators, led by freshman Republican Robert Kasten (Wis.), and including conservative rock- ribbers like Helms, Humphrey, Quayle, East, Jepsen, and Denton.

Ranged on the other side are Senator Bob Dole, chairman of the Senate Finance Committee, Senate Majority Leader Howard Baker, Speaker Tip O’Neill, House Minority Leader Bob Michel, Chairman Dan Rostenkowski of the House Ways and Means Committee, and assorted archetypal libs including Teddy, Chris Dodd, Howard Metzen- baum, Ralph Nader and his Congress Watch, Common Cause, and the U.S. Internal Revenue Service.