When the Treasury Department unveiled its dramatic tax-reform plan last November, TIME's Board of Economists was impressed by its boldness. Since then, the Reagan Administration has weakened or eliminated many of the most sweeping proposals. While that backsliding worried TIME's board when it met in Washington last week to assess the tax package and consider the economic outlook (see ECONOMY & BUSINESS), members nonetheless endorsed the broad goals of the President's program. Said Walter Heller, who chaired the Council of Economic Advisers in the Kennedy and Johnson Administrations: "This could well be the most far-reaching tax reform we've ever had."
Although...
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