Tax Plan Too Taxing
House Republicans are reviewing their seven-year, $350 billion tax cut to make it easier to balance the budget by 2002. One idea under consideration: Dump a generous depreciation plan for business investment. Another option is to limit the $500 per child tax credit to families earning less than $100,000--instead of $200,000 in the current bill--and phase out the credit after just three years. Those changes would reduce the House bill's cost by more than $100 billion.