Description: HR. 12695. TAX RATE EXTENSION ACT OF 1958, PROVIDING FOR A ONE YEAR ENTENSION OF EXISTING CORPORATE AND CERTAIN EXCISE TAXES. AMENDMENT TO REDUCE TAXES BY CUTTING PERSONAL INCOME TAX, REDUCING OR REPEALING CERTAIN EXCISE TAXES, AND GIVING TAX RELIEF TO SMALL BUSINESSES. REJECTED. NAY SUPPORTS PRESIDENT'S POSITION.