Searching for the Bottom Line

Reactions to the tax bill range from delight to horror

"Something of a minor miracle," said Michael Evans, a Washington, D.C., economist. "Fiscal graffiti" and "a huge disaster" were the capsule descriptions offered by Economist Joseph Pechman of the Brookings Institution. Both men were referring to congressional approval last week of the Reagan-endorsed tax bill. Reaction to the program ranged from sheer delight to unspeakable horror; business leaders were generally pleased, while angry labor chieftains charged that the program was a giveaway to the rich.

Compromised though it was by last-minute sweeteners designed...

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