Nation: Tax Fiasco

Carter's reforms are killed; the "disgrace"persists

After nearly a year of backstage bargaining, Jimmy Carter last January unveiled one of his most important programs: a $25 billion income tax cut and a package of 20 proposals to reform the federal tax system, which during his campaign he had called, not without reason, "a disgrace to mankind." When the House Ways and Means Committee last week began a final writing session on the bill, the cut had been reduced to $15 billion and all the reforms had been removed. Instead there will almost certainly be a slash in the capital gains tax, which...

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