d to 39.6 percent for those with incomes more than $250,000. Congress passed this increase.
In 1995, Clinton thwarted the plans of Republican lawmakers seeking to cut taxes via their "Contract with America." Clinton vetoed a congressional budget proposal that would have cut taxes by $245 billion, given families a $500 tax credit for each dependent child, and reduced capital gains taxes. Clinton's counter budget proposal to the Republican plan called for a tax cut of only $27 billion, a lower tax credit for families, and a more modest cut in capital gains. The ensuing impasse in budget negotiations resulted in temporary shutdowns of the federal government.
The flat tax will undoubtedly remain in the public eye during the 1996 ca
...