THE NEW TAX LAW: Many Benefit -- and Many Don't

READY for the President's signature this week was the bill that he had called his program's "cornerstone": a painstaking rewriting of the Internal Revenue Code. New York Republican Daniel Reed, who as chairman of the House Ways and Means Committee had more to do with the making of the bill than any other man in Washington, proudly declared that it was "the first overall revision of our tax laws which has ever been undertaken."

Technically, the detail job is an impressive effort to correct specific inequities, but in broad outline, the bill does...

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