Newspaper article THE JOURNAL RECORD

Congress Can't Wait to Begin Tinkering with New Tax Law

Newspaper article THE JOURNAL RECORD

Congress Can't Wait to Begin Tinkering with New Tax Law

Article excerpt

WASHINGTON (AP) - If you really believed the 879-page ``Tax Reform Act of 1986'' was the tax bill to end all tax bills and that Congress was going to enact the landmark measure and leave the tax code alone for awhile, well, you'd better think again.

The Congressional Record for the first few days of the 1987 session shows that more than 100 tax bills have been introduced, many of them proposing to undo provisions that were approved barely three months ago.

Some of the bills seek to plow new ground. Some are introduced routinely, year after year. Most reflect concern about safety, education, home ownership, the economy - and, of course, the folks back home.

Following is a sampling of the proposals and their sponsors. They would:

- Grant a tax credit for the cost of buying child-restraint systems used in cars. Sen. Daniel Inouye, D-Hawaii.

- Repeal the income tax on Social Security pensions. Rep Stephen Neal, D-N.C.

- Allow homeowners who refinance their mortgages a full deduction for ``points'' in the year they are paid. Rep. Sherwood Boehlert, R-N.Y.

- Restore the deduction for state and local sales taxes. Rep. Stewart McKinney, R-Conn.

- Allow all homeowners a once-a-lifetime tax exemption for up to $125,000 in profits from the sale of their principal home; present law limits the benefit to those 55 or older. Rep. Benjamin Gilman, R-N.Y.

- Exclude tips from taxation. Rep. Phil Crane, R-Ill.

- Permit deduction of expenses of higher education. Rep. James Quillen, R-Tenn.

- Deny deductions for contributions to the athletic program of any college that does not meet certain academic requirements. Rep. James Howard, D-N.J.

- Prevent giant food-processing companies from taking advantage of an accounting system meant for ``family farms.'' Sen. Edward Zorinsky, D-Neb.

- Permit taxpayers to earmark their taxes for a fund to fight hunger. Rep. Bob Carr, D-Mich.

- Put the Senate on record against raising the reduced income-tax rates in the new law. Sen. Bob Dole, R-Kan.

- Require that any tax increase be subject to approval by two-thirds majorities in the House and Senate. Rep. Robert Lagomarsino, R-Calif.

- Permit tax-free withdrawal from Individual Retirement Accounts to purchase a first home. Sen. Donald Riegle, D-Mih.

- Impose a new tax on imported oil. Sen. Don Nickles, D-Okla.

- Permit a deduction for commuting by mass transit. Rep. Norman Lent, R-N.Y.

- Allow low- and middle-income renters to deduct part of their rent. Lent.

- Allow full deduction of interest paid on student loans. …

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