Tax legislation: flood follows famine

Article Abstract:

The US Congress passed a number of significant pieces of legislation in the summer of 1996 that include tax-related provisions. The Small Business Job Protection Act, the Health Insurance Portability and Accountability Act, the Taxpayers Bill of Rights 2 and the Personal Responsibility and Work Opportunity Reconciliation Bill all include tax provisions that practitioners should review. IRS administration, simplified pensions, employment tax credits, S corporations, the earned income tax credit, insurance contracts and tax-exempt organizations will be affected by these tax law changes.

Laws, regulations and rules, Tax administration and procedure, Tax administration, Pension funds, Health insurance, S corporations

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Tax reform in 1997 - conquering molehills

Article Abstract:

The tax relief bill passed by Congress in 1997 does not address many of the basic tax reform principles articulated by politicians in 1996. The ideas of Steve Forbes and other reform advocates did not translate into continuing public support for reform goals. The legislation enacted does not simplify the tax laws at all, but instead is a politically palatable measure working within the existing code. Moderate reforms remain a possibility, even if support has waned for radical reforms such as replacing the Tax Code.

Evaluation, Politicians

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The outlook for 1998 tax legislation

Article Abstract:

Congress in 1998 is not likely to enact tax legislation beyond the IRS Restructuring and Reform Bill of 1997 and the technical corrections of legislation such as the Taxpayer Relief Act of 1997. The potential for compromise in the 1998 election year is minimal while heated rhetoric will probably occur. The Republican leadership apparently does not agree with some congressional Republicans that immediate radical changes in the tax law should be made.

Political aspects

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