Masonry Magazine August 1988 Page. 26
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Washington Wire
continued from page 25
prompt intense price competition among retailers. And the Federal Reserve is ready to do more to dampen down inflationary pressures.
THE DOLLAR'S VALUE SEEMS LIKELY TO REMAIN VERY STABLE this half year. Neither the U.S. nor its industrialized allies want to see its slump renewed. They are prepared to take concerted action to prevent a new unwanted slide. A renewed decline would not lead to a faster reduction in the trade deficit because, as noted, American manufacturing is reaching the limits of capacity. Rather, a drop in the dollar would be counterproductive, U.S. officials say, because it would result in rises in import prices, adding to inflation fears.
Officials feel that the trade deficit is shrinking as fast as possible and are critical of those calling for a lower dollar.
MAJOR TRADE LEGISLATION MAY BE VOTED by Congress in 1988, after all, despite the earlier veto by the President. Two sections will be missing the requirement that workers be given 60 days notice before a plant closing and the imposition of severe restrictions on the export of oil from Alaska. These are the provisions the President opposed and which prompted his veto. Passage of the bill is still not certain, even without these two provisions. Some in the Administration still deem the measure dangerously protectionist.
A LIMITED, BIPARTISAN TAX MEASURE WILL LIKELY BE PASSED by Congress. The bill will contain "technical corrections" to the Tax Reform Act of 1986 and will extend various tax benefits that are due to expire at year's end. There's tacit agreement that its cost be held to around $2 billion ion a year, to capture Congressional an White House backing during this election year.
The bill will probably be limited to certain minor perfecting changes, plus one-year extensions of benefits for such things as mortgage revenue bonds and research and development credits.
A DEBATE IS HEATING UP ON PROPOSALS FOR CUTS in capital-gains taxes. Proponents of the reduction gained new ammunition from a Treasury analysis, which found that a cut would result in increased revenue to the government: a Treasury study conducted back in 1985 had reached the opposite conclusion. The revenue-loss argument has been a key theme used by opponents of the cut. Proponents claim that a lower capital-gains tax would encourage investment. U.S. personal savings and investment rates are lowest of all major nations.
Increasingly, though, the debate has centered on the budget factor. With the government continuing to run a big deficit, the revenue issue holds the key to whether Congress will pass a slash in the top capital-gains rate to 15%, down from 33%. The current conclusion appears to be: No action this year.
WELFARE-REFORM FACES A VERY UNCERTAIN FUTURE, despite Senate passage. The White House is not sure that it can accept what emerges from Congress. House-Senate conferees will have to resolve differences on the legislation, which are very substantial and may be very hard to reconcile in conference. The Senate measure would require the states to provide education, training, and jobs to welfare recipients and also to withhold child-support continued on page 36
26 MASONRY-JULY/AUGUST, 1988