Extraordinarily Difficult

Treasury Secretary James Baker has been largely responsible for the final form of the Reagan Administration's tax package, and will keep watch on the measure's progress in Congress. In an animated and wide-ranging talk, Baker discussed tax reform last week as a guest at the quarterly meeting of the TIME Board of Economists. Excerpts:

On the bill's advantages. There should be a very substantial element of reform in this package. You are going to see a call for the elimination of many, many preferences and deductions, a move toward greater fairness and some move toward simplification. We are suggesting a system...

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