Packwood Introduces Tax Bill

Senate Finance Committee Chairman Bob Packwood (R-Ore.) today introduced--with President Reagan’s support--a bill that would produce the most sweeping changes in the federal tax system in more than 30 years, reducing individual income taxes by an average 8.4%.

The legislation would raise consumer taxes on alcohol, tobacco and gasoline and shift to corporations a tax burden of between $110 billion and $185 billion over the next five years. How the excise tax increases would affect the total tax picture of individuals and businesses is a matter of speculation.