Tax-panel Democrat asks smaller but quicker cut

Dan Rostenkowski, House Ways and Means Committee chairman, has proposed a one-year, $40 billion tax cut for individuals and businesses to replace President Reagan's proposed $54 billion three-year reduction.

The package "does not have unanimous support on the committee, but it does have enough support among Democrats and Republicans to pass," he said. Mr. Rostenkowski, an Illinois Democrat, hopes this panel can begin work on the proposal by late April.

Under the plan, tax rates would be reduced in all income brackets, but the bulk would be aimed at those earning between $20,000 and $50, 000 a year, effective July 1.