And Now, Son of Tax Reform

Changes in federal law portend higher state levies in 1987

Taxpayers have scrambled for months to batten down for the new federal income tax era that finally began on Jan. 1. For those who thought the tax frenzy would finally die down -- surprise! They may soon discover that even as their federal tax rates fall, they will have to pay a bigger bite of their income than before to their state. This paradox is the direct result of federal tax reform, whose provisions will, unless modified by state governments, trigger billions of dollars in additional state taxes. What to do with the windfall is already causing consternation and debate in...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!