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House Democrats Draft Tax Hikes for Wealthy WASHINGTON (AP) - President Bush Income People from 28 Percent to 31 Said Thursday He Could Trade a Modest Percent

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House Democrats Draft Tax Hikes for Wealthy WASHINGTON (AP) - President Bush Income People from 28 Percent to 31 Said Thursday He Could Trade a Modest Percent -------------·- -~--------------------------------------------------------------------------------------------~--------------. ·2----------------------------------------------------------------------------------------- .. ~ VOL XXIII NO. 35 FRIDAY, OCTOBER 12, 1990 THE INDEPENDENT NEWSPAPER SERVING NOTRE DAME AND SAINT MARY'S House Democrats draft tax hikes for wealthy WASHINGTON (AP) - President Bush income people from 28 percent to 31 said Thursday he could trade a modest percent. ease the top rate from 33 increase in taxes on affiuent Americans percent to 31 percent for some 4.5 for a deep cut in capital gains rates but million slightly less well-to-do taxpayers that it was "a waste of time" to try to and chop the rate on capital gains from push such a deal through a divided 28 percent to 15 percent. Congress. That would do away with the "bubble" Instead, Bush called on lawmakers to in the tax code, under which some put aside that battle and come up with a upper middle-income taxpayers now pay $500-billion deficit-reduction plan that a higher rate than the wealthiest. contains neither element. Within hours, Democrats on the House The White House held out the proposal Ways and Means Committee said they as the outer limit of Bush's willingness were well into writing an alternative to compromise on taxes. Of some budget that would not only raise taxes Democratic proposals to raise the top on rich Americans but push them higher rate to a flat 33 percent, Bush said, "I than Bush has said he can accept. cannot accept that." The committee's chairman, Dan Thursday's proposal by the Ways and Rostenkowski of Illinois, said the Means Committee Democrats, which changes would "restore fairness to our they plan to offer on the House floor tax system." He said the Democrats next week, would indeed raise the top would meet again Friday to decide rate for the richest Americans to 33 whether the package will also reduce the percent. And people earning more than capital gains tax rate, but if it does "it'll $1 million annually would also pay a 10 be a lot less rich" than the percent tax surcharge. administration's version. Congressional committees are working In addition, cuts to Medicare toward the goal of finding a half-trillion beneficiaries would total $10 billion over dollars in spending cuts and tax the next five years, down from the $28 increases before the Oct. 19 deadline billion budget summit negotiators when the latest emergency spending agreed to last month and $7 billion less authorization expires. than the full Ways and Means By most accounts, higher Medicare Committee agreed to Wednesday. premiums and taxes on alcohol, Bush's budget director, Richard G. cigarettes and gasoline are likely to be Darman, told a Senate panel that the included. administration had privately proposed "We believe we have made progress," coupling a 31 percent top tax rate with a Senate Democratic Leader George capital-gains cut last month but had Mitchell said after a meeting with been turned down by Democrats. Republican Leader Bob Dole and members of the Finance Committee. "It's my personal opinion that it's not Trying to end two days of confusion negotiable on satisfactory terms on both surrounding the president's position on sides," Darman told the Senate taxes, the White House laid out - but Governmental Affairs Committee. said it wouldn't push - a plan that "There just isn't a deal there." would combine higher taxes on the The developments came in a day of 500,000 or so wealthiest Americans with damage control at the White House, as lower capital gains rates for people who Bush and his lieutenants sought to profit from sales of stocks, real estate counter an impression of presidential and other investments. indecisiveness on the continuing budget Bush, trying to put the pressure on impasse. lawmakers, said, "The meter is running, but look, I can't dictate to Congress." The president presented his case in Sacred Heart's restored beauty is shown here, the result of nearly two year's His hypothetical package would three separate White House meetings on ~p_a_in_s_t_ak_i_n_g_w_o_r_k_.~~~~~~~~~~~~~~~~~~~~~~~~~~increase the top rate on the highest- Thursday with House Republicans. Clark: Irish, U.S. influence each other SCHEDULE OF EVENTS By COLLEEN GANNON A final contrast between the rebellion of 1798 failed, • Air Force Weekend 1990 • News Writer two countries that Clark America received talented pointed out came from litera­ refugees from Ireland. These Friday Americans probably had a ture. "On one hand is the sweep refugees helped to invent the 3 p.m. Campus tours departing from the statue of Our more distinctive cultural impact of a great continent. On the American political party sys­ Lady, Main Gate on Ireland than they have had other is the confinement of an tem, said Clark. 4:30 p.m. Marching Band Rehearsal, from Washington on their two closest neighbors, intimidated nation," he said. As for religious development, Hall, and steps of Main Building to Green Field Mexico and Canada, said Despite their differences, "The Roman Catholic clergy 4:30 p.m. Glee club, open rehearsal, Crowley Hall, Dennis Clark. a prominent his­ Clark spoke of American eco­ have built up the greatest Room 115 torian on the Irish. nomic, political, and religious church in the U.S. by means of 7 p.m. Pep rally, Joyce ACC, Gate 3 "Big countries have problems influences on Ireland. the Irish masses," he said. 7:30·10:30 p.m. Parents' Football Weekend "Casino dealing with little countries," Economically, "the United In modern times, Ireland has Night," Stephan Center said Clark in his lecture entitled States drew off the surplus la­ become inundated with the im­ 9:30 p.m. Sorin talent show, front porch of Sorin Hall "Paddy's Payback: The bor of a stricken society," said ages and writings of our mass American Impact on Ireland." Clark.The money earned "kept communication. "The most Saturday The difference of scale between whole generations from suffer­ tawdry American television 7 a.m. Band Rehearsal, Cartier Field a massive America and a tiny ing the devastation of hunger in nonsense echoes in the house­ 8 a.m.· game time ND & SMC alumni & friends are in­ Ireland gives rise to peculiar Ireland," he said. holds of families who just one vited to Alumni Hospitality Center, JACC, Gates 2 &3 notions about each of the two In modern times, 350 generation ago were the heirs 9:30a.m. Porn Porn Squad Performance, JACC North countries, he said. American corporations have to an ancient oral, literary tra­ Dome According to Clark, these subsidiaries active in Ireland dition," said Clark. Also, 9:30 a.m. Alcoholics Anonymous, Center for Social notions include America as a representing $3.6 billion. Clark Amedcan rock music and Concerns giant consumer warehouse said that is a considerable clothing styles effect life in 10 a.m. Porn Porn Squad & Chcerleading performance, bereft of any deeper values and amount of money for a small Ireland. in front of Bookstore country like Ireland. "The greatest force operating 10 a.m. Glee Club concert, JACC North Dome Ireland as a smiling fairyland of 10:30 a.m. Shenanigans performance, JACC North charm and sociability. Politically, "the great deeds of between the two countries was Dome The differing dreams of the the American Revolution had a the simple force of human in­ 10:30 a.m. Band concert, Main building steps two countries provide another reverberation there," he said. terchange," he said. 11 :20 a.m. Band steps-off contrast. America dreams of According to Clark, the vision of Furthermore, the Irish did not 12:10 p.m. Notre Dame vs. Air Force, Stadium frontiers, mobility, and wealth, liberation from colonial rule even have to come here to be After the game ND/SMC all-class reunion, JACC North while Ireland dreams of a dif­ gave the Irish aspiration to­ Americanized, said Clark. Dome Gates 2 &3 ferent kind of mobility and wards democracy. 4 p.m. Mass, Crypt escape, said Clark. On the other hand, when the see IRISH I page 6 5 p.m. Mass, Sacred Heart Church page 2 The Observer Friday, October 12, 1990 INSIDE COLUMN WEATHER Corporate America needs new attitude You have a degree Yesterday's (or almost) from one high: 50 Yesterday's low: 3 7 of the nation's leading Nation's universities. You were· high: 99 (Monrovia, Calif.) a top student in your Nation's low: 1 8 class. You held pres­ tigious internships (Gunnison, Colo. and McCall, Idaho) during your summe~s Christine Walsh and have (or will Forecast: have) a job with a Business Editor major corporation. FRONTS: Mostly cloudy and not as However, ten years from now, chances are • cool today. Highs in the that you will be making significantly less • • lower 60s. Decreasing WARM STATIONARY• • money than the guy (with the same job title) COLD• • ©1990 Accu-Weather, Inc. cloudiness and cool tonight. Lows in the lower in the office next to yours, in the best sce­ Pressure 40s. Partly sunny and a nario, and you will not even have reached [Til X ® © ~ ~ ~ !llJ little warmer Saturday. the same position in the same amount of HIGH LOW SHOWERS RAIN T-STORMS HURRIES SNOW ICE SUNNY PT. CLOUDY CLOUDY time, in the worst. Highs in the middle 60s. Why?- You are a woman. Via Associated Press GraphicsNet An article entitled, "Why Women Still Don't Hit the Top" (Fortune, July 30, 1990), showed that over 20 years from the heyday of the women's movement, women are still far from reaching parity with their male counterparts in the business world. OF INTEREST According to Fortune, in 1990, out of Anyone interested in the esc Mexico Logan Center Volunteers: Come and dance 4,000 officers and directors of Fortune 500 Project should come to the Informational Meeting with the clients after bowling tonight at the October companies, only 19 are women.
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