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
Following is a sampling of the proposals and their sponsors.
- 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
- 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
- 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
- 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
- Allow full deduction of interest paid on student loans. …