Masonry Magazine January 1973 Page. 40
Washington Wire
THERE IS A CHANCE THAT A MAJOR TAX REFORM BILL WILL BE VOTED in 1973, but the better bet is that it will be 1974 before such a measure is passed. Mills is very confident that the House will approve a tax bill this year. But it is unlikely that the Senate could complete action at this session, especially if the Nixon Administration takes a "go slow" stance on reform.
THERE'LL PROBABLY BE SOME TRADE LEGISLATION PASSED by the Congress. The Administration will enter into trade negotiations some time this year. To do so, it needs Congressional authority to negotiate trade concessions. Ways and Means will begin hearings only after it finishes with tax reform. President Nixon also desires a bill containing concessions to the Soviets. To carry out U.S.-Soviet trade agreements, Congressional action is needed. Specifically, Congress must grant Russia most-favored-nation tariff status.
The Administration bill will seek to liberalize adjustment assistance-help for workers and firms injured by imports. The President hopes this aid will stem the protectionist tide.
THE WAYS AND MEANS COMMITTEE WILL THEN GO ON to health-care measures. But it is unlikely that Congress will be able to complete this work in 1973. Here, too, there are some big differences between Nixon and the Democrats. Subsidizing private health-insurance plans is the key to the Nixon program. Democrats want the government to foot the entire bill nearly $60 billion. Two years probably will be required to hammer out an acceptable compromise.
IMPORTANT LABOR LEGISLATION WILL BE ENACTED by Congress this year. After failing in 1972, a higher minimum wage will be pressed by Democrats. The Democrats and labor want a $2 an hour floor put into effect right away. Nixon is willing to support an increase to $1.80, with $2 an hour later on. The Democratic-controlled Congress may push through the more generous plan.
Enforcement of the job-safety laws will be reviewed by the lawmakers. Several committees want to see if a relaxation is needed for small business. However, expected changes by the agencies may make action on legislation unnecessary.
PENSION REFORM LEGISLATION APPEARS ONE OF THE SURER BETS for 1973. A comprehensive reform bill progressed further last year than ever before. Minimum standards will be established for vesting of full pension benefits-for preserving the pension rights even of employees who leave their jobs. (If they work a number of years, they have permanent rights to pensions.)
The bill will require financing plans to assure that benefits will be paid. Insurance will also be authorized to protect against termination of plans.
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masonry
January, 1973