Tax Bill Vetoed

President Clinton vetoed the $792 billion tax package approved by Congress prior to its August recess. The package included a variety of tax cuts, as well as a repeal of the 4.3-cent-per-gallon "deficit reduction" fuel tax paid by inland waterway operators and railroads. In the wake of the veto, it is unclear whether any additional tax reduction legislation will be considered this year, or whether any such bill would be a broad package or a smaller, more focused measure.