TITLE

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

PUB. DATE
October 1997
SOURCE
Journal of Financial Planning;Oct97, Vol. 10 Issue 5, p17
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
9712013872

 

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