Article Abstract:
Committees formed by Congress and the American Bar Assn are considering various ways to reform the US tax system to make it simpler and fairer and increase savings. Most proposed schemes involve flat taxes with a single rate and limited deductions, consumption taxes imposed at the retail level, or value-added taxes, or VAT, imposed at production, wholesale, and retail levels. Tax reform will probably be a major congressional and presidential campaign issue. The ABA committee formed to analyze the proposals is chaired by John S. Nolan. The Republicans have created an Economic Growth and Tax Reform Commission, chaired by Jack Kemp.
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Article Abstract:
Presidential candidate Bob Dole's tax plan is to cut the marginal tax rate to 15% and to 'end the IRS as we know it,' while Pres Clinton takes credit for growth in the economy and a bullish stock market, making more modest tax proposals and not criticizing the IRS. Tax lawyers feel Dole's tax cut proposal jeopardizes his lifelong reputation as a deficit-cutter and the Tax Executives Institute is dismayed by his criticism of the IRS. The institute is also critical of some Clinton proposals. for example levying the 20% penalty on more large corporations who understate income taxes.
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Article Abstract:
Presidential candidate Bob Dole and Pres Bill Clinton have different positions on international trade, with Dole arguing that a reduction in trade barriers has resulted in the loss of thousands of US manufacturing jobs, the stagnation of wages and even threats to US sovereignty. Pres Clinton takes credit for agreements facilitating such trade and feels they have resulted in US job creation as well as increased export possibilities.
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