Statement on Extension of the Income Tax Reduction.

I AM pleased that yesterday's agreement by a House-Senate conference committee has moved us one step closer to a reduction in individual income taxes.¹

¹On August 30 the conference committee, in considering the proposed Tax Reform Act of 1976, tentatively agreed to extend some personal tax credits through 1977.

But no one should be fooled at this apparent progress. The Congress had the opportunity to enact a much bigger tax cut--the $28 billion tax cut that I recommended earlier this year--but it chose not to grant the American people the additional tax relief they deserve.

In effect, this tax bill means that the Democratic majority in the Congress is giving the country only half a loaf--the half it already has--and letting the other half be swallowed up by the big spenders.