The Tax Bill Is Getting Out Of Hand
Confused about all the competing tax plans bouncing around Congress? So are we. The last time we looked, there were plans to cut the capital gains tax for top-bracket and low-bracket folks, index it for inflation or means-test it for fairness. There were proposals for child-tax credits that would go to the working poor and others that would favor the middle class. In the House and Senate bills, exemptions on inheritance taxes would jump to $1 million for all estates; in President Clinton's proposal, only farmers and small-business people would benefit. Tobacco taxes would go up--or not. Airline ticket taxes definitely would rise. And education tax credits...Well, they're all over the place, with one bill favoring two-year colleges, another four-year schools, two bills pushing expanded IRAs for education, one not. This is shameless. Could we please end this mindless politicization of the tax code and return to the Reagan era Tax Reform Act of 1986? Can't we stop bribing taxpayers with their own money and get back to fundamentals?
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