Congress refuses to correct tax-law mistakes it created

COUNTERPOINT

Lawmakers would rather pit public against IRS

April is upon us. The due date for filing 1997 individual tax returns is just a few days away.

The most important tax-law changes affecting almost every taxpayer were the myriad capital-gains changes. The overall long-term tax rate has been reduced for sales after May 6, 1997. The holding period has been extended from 12 to 18 months for asset sales after July 28, 1997. The tax from gain on sale of personal residences has been largely repealed. Under the new law, the initial $500,000 gain from residential sale…