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reductions in spending levels for various government activities before going to the automatic reduction process that is expected to take place if Congress fails to reach the goal it has fixed for deficit reduction in the coming year, Mr. Slaughter added.
Agreement on tax bill
Recently the Conference Committee on the tax reform bill reached an agreement on the differences between the House and Senate versions of the legislation.
The committee recommended a 34 percent top on the tax rate for corporations and brackets of 15 and 28 percent for most individuals. Eighty percent of individuals will be in the 15 percent tax bracket. In order to lower the rates, a number of tax deductions were eliminated or limited and more of the income tax burden was shifted from individuals to businesses, Congressman Slaughter explained.
Unfortunately, the tax bill is not simplification, Mr. Slaughter stated. “The Congress has missed an opportunity to greatly simplify the preparation of income tax returns for individual taxpayers who wish to itemize their deductions. Also, there are many provisions of the compromise bill still to be announced. Many of these are important, including provisions regarding the effective dates of the new law.”
In the House of Representatives, the report is likely to be considered under a rule which will prohibit or severely restrict any amendments. Therefore, the vote on the bill presented by the Conference Committee will be a vote as to whether the tax revision bill is an improvement over the present tax code or not, the Seventh District representative concluded.
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