Federal tax, budget deal boosts law’s complexity

On July 31, Congress passed the Taxpayer Relief Act of 1997. It was signed by President Clinton on Aug. 5. It provides for $95.2 billion of net tax relief and sets the stage for our country to achieve a balanced budget by 2002. Moreover, this tax package will be a major stimulus for the economy. While these events should be regarded as momentous for the country’s future, the reaction throughout the country has been surprisingly low-key. Perhaps that’s because the ’97 Tax Act incorporates 285 new Internal Revenue Service Code sections and 824 Code amendments. The…