Good, Bad and Complex

The TIME Board of Economists divided sharply over the virtues and vices of the comprehensive tax-reform bill, which is likely to win final approval by Congress this week. Board members hailed such features of the bill as the lowering of the top tax rate from 50% to 28%, the lifting of all tax liability from some 6 million poor Americans and the abolition of many nonproductive tax shelters. But some of TIME's economists expressed concern that this complicated legislative contraption could dampen business investment and make the rules of the tax game even more uncertain for many corporations and households. In...

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