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Measure By Measure

Find out what Washington has in store as your tax dollar teeters on Capitol Hill.

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This story appears in the June 1998 issue of Entrepreneur. Subscribe »

Just when you thought you finally had your tax situation figured out, it's on the brink of changing again. But will the proposals being considered by Congress help you or hurt you? That depends on your circumstances--and on who prevails on Capitol Hill. A good many of the tax measures before Congress are part of President Clinton's 1999 budget package, but Republican lawmakers have a tax agenda as well, with a major focus on broad income tax cuts. Small-business owners stand to benefit from several of the proposals, but the Clinton administration's efforts to crack down on estate-planning strategies could mean higher taxes for family firms.

The administration wants to use the tax code to accomplish some specific policy objectives. For example, it would provide small-business owners with tax incentives for setting up and expanding employees' pension and retirement plans, and businesses would receive tax benefits for improving energy conservation.

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