The Treasury trial balloon, released last week, is not the only major tax-reform proposal afloat in Washington. Rival versions were introduced in Congress last year. The Republican plan, sponsored by Congressman Jack Kemp of New York and Senator Robert Kasten of Wisconsin, comes closest to the idea of a "flat tax," a single rate for all taxpayers. The Democratic alternative, sponsored by Senator Bill Bradley of New Jersey and Congressmen Richard Gephardt of Missouri, offers graduated but lower tax rates. Below, the main features affecting individual taxpayers are compared with current tax...
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