Thumbs Up for the New Tax Plan

Despite some doubts, Packwood's proposal wins corporate favor

"Disastrous!" declared some business executives. "Delightful!" exclaimed others. "Difficult but necessary," said many more. Corporate leaders, still a bit stunned by the Senate Finance Committee's May 7 approval of a sweeping tax-reform bill, struggled last week to calculate whether they would be winners, losers or survivors under the proposal. While many could see their fate almost instantly, other executives besieged their accountants with questions about the tax plan as they rushed to decide whether to support or condemn the bill, which is scheduled for debate by the full Senate early next month. "I've had to replace my phone handle several times...

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