HAMDT 9 - 97 Copy

HAMDT 9 - 97

An amendment in the nature of a substitute on the previous legislative day to decrease budget authority by 23.1 billion dollars, outlays by 25.7 billion dollars, and revenues by 31.1 billion dollars with a deficit for FY '82 of 31 billion dollars. It assumes a 53.3 billion dollar tax cut. It requires spending reductions of 53.7 billion dollars and 36.6 billion dollars in outlays through the reconciliation process (Committee: 13 billion dollars in budget authority and 15.8 billion dollars in outlays savings by reconciliation.) It recommends a three year 10 percent reduction in marginal tax rates (Committee has a one year reduction). It proposes a capital cost recovery program with accelerated depreciation over 10, 5, and 3 years for most nonresidential property (reducing receipts by 9.7 billion dollars in FY '82).