Plop, Plop, Fizz, Fizz--Oh, What a Relief This Tax Act Is?

October 1997
Journal of Financial Planning;Oct97, Vol. 10 Issue 5, p17
Academic Journal
The article provides information related to the changes made to the tax code in the U.S. The U.S. Congress has made the following changes: it added two new versions of IRAs, one of which essentially competes with the regular IRA; it changed the rules once again for regular IRAs, including adding incentives to withdraw money from IRAs before retirement; created a half-dozen new ways to help families pay for their children's college education; it has put more permutations into computing future capital gains than a game of five-card stud poker; added a tax break for family owners of farms and businesses full of complicated qualification rules and without indexing the break; eliminated capital gains for most homeowners, but created a new nightmare for owners of very expensive homes; added tax credits for children at a time when many legislators have been clamoring for welfare mothers to have fewer children.


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