New anti-inflation team raps Reagan tax-cut plan
The new Committee to Fight Inflation, which includes five former secretaries of the Treasury, criticized the centerpiece of Ronald Reagan's tax policy Monday , Monitor correspondent Richard L. Strout reports. The Reagan tax proposal would provide for a 30 percent tax cut over three years, representing a 10 percent cut a year.
Spokesman Arthur F. Burns, former chairman of the Federal Reserve Board, said the policy statement of the committee rules out such a drastic tax cut at the present time. The program was at one time the official policy of the congressional Republicans, introduced by Sen. William V. Roth Jr. (R) of Delaware and Rep. Jack Kemp (R) of New York. It has since been modified to include comparable cuts in federal spending and restraint on the rate of growth.