Business Digest; THURSDAY, JULY 30, 1981; The Tax Vote
The House of Representatives approved the Administration's tax reduction bill by 238 to 195 in a decisive victory for President Reagan. The Senate overwhelmingly approved a similar bill earlier in the day. The bills provide for a 25 percent cut in individual income taxes over three years and several business tax reductions. (Page A1.) Congressmen said the President lobbied heavily to win their votes. (D21.) The economic effects of the radical change in tax policy are questioned by some experts, who foresee sizable budget deficits and high interest rates. (A1.) The President's victory shows a political mastery of Congress not seen since that of President Lyndon B. Johnson in the mid-1960's. (A1.)