The Unkindest Cut
The $792 billion tax-cut plan, passed by the GOP-controlled Congress and under veto threat from Pres. Clinton, would give more than $1 billion in subsidies over the next five years to petroleum, chemical, timber, and nuclear-power industries, says Friends of the Earth. One of the biggest tax breaks for a narrow interest would repeal rules limiting credits that oil and gas companies can claim from foreign operations, potentially saving the companies $1.2 billion a year by 2009. Clinton, in his weekly radio address on Saturday, said the Republican tax-cut plan would reverse 25 years of environmental progress, cutting environmental enforcement, stalling toxic waste cleanups, and shutting down national parks.