BEYER REBUTS CRITICISM OF TAX-CUT PROPOSALS

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, January 2, 1992                   TAG: 9201020114
SECTION: VIRGINIA                    PAGE: B4   EDITION: METRO  
SOURCE: Associated Press
DATELINE: RICHMOND                                LENGTH: Short
BEYER REBUTS CRITICISM OF TAX-CUT PROPOSALS
Lt. Gov. Donald Beyer said a memo contending his tax-cut package proposal would decrease state revenues fails to consider the "stimulative effects" of his plan.
The memo was prepared by the Department of Taxation's chief economist, Robert Benton, to Secretary of Finance Paul Timmreck. In it, Benton said Beyer's plan could cost at least $100 million over two years.
As chairman of the Virginia Economic Development Commission, Beyer proposed tax exemptions for corporations, including a break on long-term capital gains; shielding from taxation the first $1,000 in interest on individual savings, and the creation of state Individual Retirement Accounts, allowing taxpayers to shelter up to $2,000 a year.

by Archana Subramaniam by CNB