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the earnings limit may be reduced, or both may happen, he said.
He said he does not expect any significant change to the reduction in the capital gains tax as it is now proposed. The top rate for individual taxpayers will be reduced from 28 percent to 19.8 percent with the tax cut 50 percent for assets held more than one year. Collectibles, such as art works and antiques, will continue to be taxed at a top rate of 28 percent, he said.
He said he also expects Congress to be “open to working with” President Clinton to continue some funding for some programs he is deeply committed to such as the Americorps program.
Rep. Wolf insists the basic Republican demands for a balanced budget in seven years using Congressional Budget Office figures will be met. One remaining sticking point is Medicare. Both sides agree tax rates for Medicare must be raised. President Clinton wants to wait until after the 1996 election to raise them, while the Republicans in Congress want to raise them sooner, Rep. Wolf said. That is the sort of issue where he expects the two sides to split the difference. Under the Republican plan
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