All in all, the '97 law seems to have brought about "further complexity to a tax code that is already very complex," says Wiesner. Lawmakers have indicated they want to create a simpler tax code, but still haven't delivered. So although liberalization of the home-office deduction is beneficial, "It still created a new set of rules that have to be met," Wiesner continues. "As a result, the cost of getting limited relief is more complexity."
Looking to the future, both tax experts and business owners believe additional changes in the tax code are necessary. "For business owners to receive major relief, there need to be more across--the-board cuts," says Wiesner.
Bowersock would like to see serious consideration of tax laws that are beneficial for the economy and growing businesses. Proponents of such proposals say that by simplifying the tax system and cutting top rates, efficiencies would be gained for business owners. Such proposals seem appealing, but an overhaul of the tax system isn't likely to be considered until a new president and Congress are in place in January 2001.
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