Newspaper article St Louis Post-Dispatch (MO)


Newspaper article St Louis Post-Dispatch (MO)


Article excerpt


Tax Plan Would Make Savings Deductible Two senior senators introduced tax legislation Tuesday that would permit Americans to deduct every dollar they save and invest.

The proposal, from Senate Budget Committee Chairman Pete V. Domenici, R-N.M., and Sen. Sam Nunn, D-Ga., enters a crowded field of plans that would replace the current income tax with something simpler.

They include flat-rate income tax plans, pushed by House Majority Leader Dick Armey, R-Texas, and Sen. Arlen Specter, R-Pa., a presidential candidate; and a national sales tax advocated by another presidential hopeful, Sen. Richard Lugar, R-Ind.

The goals of the Domenici-Nunn plan are similar to those of the other plans: Encourage savings and investment and simplify the tax code. Domenici conceded the proposal was more complex than the flat tax but said it nevertheless would reduce the current 10,000-page code to about 300 pages. AP NEW HAMPSHIRE

State Lawmakers Approve Term Limits The New Hampshire House voted Tuesday to limit the terms of the state's members of Congress.

The bill was sent by a 203-148 vote to Gov. Steve Merrill, who says he will sign it. The state Senate passed it unanimously earlier. Twenty-two other states already have set limits on congressional terms. New Hampshire's bill won't become effective unless a total of 25 states adopt term limits.

The bill limits members of the U.S. House to three consecutive two-year terms, or six years, and senators to two six-year terms, or 12 years, starting in 1996. They could return to office for later terms. AP


Prime Minister Wants To Fight Extremism In a move backed by Boris Yeltsin, Prime Minister Viktor Chernomyrdin announced plans Tuesday to create a centrist political movement to fight the extremism that has frustrated reform efforts.

The announcement is one of the clearest signs yet of the government's strategy for December parliamentary elections, and for the presidential balloting six months later. …

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