July 27, 1999

Economics based on incentives made a comeback last week when the House passed a watereddown version of Ways and Means Committee Chairman Bill Archers proposed tax reform package. The bill lowers personal income tax rates, cuts the capital gains tax rate and eliminates the estate tax. These components of the bill boost incentives to work, produce and save. Had Archer taken an extra step and proposed the indexing of the capital gains tax structure, the plan would have rivaled President Reagans bold fiscal initiatives.

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