Stewing in Its Own Largesse

Congress discovers that log rolling helped flatten the economy

To accountants and corporate lawyers, it is a wry wisecrack: the contention that any company still paying federal income taxes must be led by executives who have not yet read the new tax law. To economists and even some repentant legislators, it is too close to the truth to be funny. With gargantuan budget deficits looming for the next several fiscal years, indignation is rising over the log-rolling generosity that transformed last year's tax-cutting bill into the Great Tax Giveaway of 1981.

The legislation began as a straightforward Reagan Administration proposal to cut individual...

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