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Tax Aspects of the 1997 Budget Deal

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  • Bartlett, Bruce

Abstract

The Taxpayer Relief Act of 1997 is the first major tax reduction bill passed by Congress since 1981. The result of a budget deal between a Republican congress and a Democratic administration, the legislation did not attempt to grapple with any of the larger issues in tax policy. It made modest changes in existing taxes and added only two major new elements, a $500 per child tax credit and a tax credit for higher education. Both are weakly grounded in economic theory. The bill will be remembered mostly for its political significance, as it marked the end of the paralysis of fiscal policy since the origin of large and persistent budget deficits in the 1980s.

Suggested Citation

  • Bartlett, Bruce, 1998. "Tax Aspects of the 1997 Budget Deal," National Tax Journal, National Tax Association;National Tax Journal, vol. 51(1), pages 127-141, March.
    • Handle: RePEc:ntj:journl:v:51:y:1998:i:1:p:127-41
    DOI: 10.1086/NTJ41789317
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