Business: Tax Reform Takes Shape

Down with expense accounts, off with capital gains

"Our national tax system is a disgrace. Basically, I favor a simplified tax system that treats all income the same, taxes all income only once, and makes our system of taxation more progressive."

That was one of Jimmy Carter's key campaign promises last year, and the time is coming to deliver on it. A task force that started work last winter (TIME, July 4) has placed on Carter's desk a loose-leaf notebook with some 150 pages of recommendations. Barring an unforeseen delay, the President expects...

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