Where the New Taxes Hit Home

The poor will benefit, the rich will bear the burden, and everyone will pay a little at the pump

For the past four months, Bill Clinton's tax plan has been a moving target, making it difficult for taxpayers to calculate how it would affect them. But now is the moment for a quick snapshot -- or two. The new taxes people will pay lie somewhere between two versions: the House's and the Senate's, which will be reconciled in the joint conference committee. In many ways, the two plans are quite similar. Both seek to raise about $250 billion in new revenues. Most of the burden will fall on the wealthy.

In other ways, the plans diverge. Both versions increase the...

Want the full story?

Subscribe Now


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!