Drawing the Lines on Tax Reform

Whatever the plan, there are sure to be big winners and losers

On the surface, reform of the federal income tax, which has been debated for decades, would seem to be an idea whose time has finally arrived. The demand for change has been fueled by public indignation over reports that such highly profitable corporate giants as General Electric, Boeing, Dow Chemical and Transamerica have paid no tax at all in some recent years. There is widespread discontent over tax shelters that have brought investors $2 or $3 in write-offs for every $1 invested....

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