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E-mail From Washington

From: Wolf Blitzer/CNN
In: Washington
Posted: April 14, 1997

Subject: White House Floats Tax Cut Ideas

Sources say the Treasury Department today will send to Congress about 60 legislative proposals for tax cuts.

One proposal, CNN has confirmed, would eliminate the need for dependents, mostly children, to file separate tax returns if their unearned annual income (from interest, for example) is less than $4,100. Currently, dependents have to file separate returns if their income is more than $700 a year.

Treasury estimates this proposed change will affect 1.7 million dependents.

Another proposal would eliminate the need for corporations to pay so-called "alternative minimum taxes" if their annual gross receipts are less than $5 million. The Treasury Department estimates this will affect 95 percent of all U.S. corporations.

Treasury Secretary Bob Rubin and Deputy Secretary Larry Summers were due to make the announcement at the Treasury Department at a news conference today.


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