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Business Band-Aid

The 1997 Taxpayer Relief Act offered small doses of relief.

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This story appears in the May 2000 issue of Entrepreneur. Subscribe »

Hailed as a major tax-reform package by both Congress and President Clinton, the Taxpayer Relief Act of 1997 promised to make long-overdue improvements to an ailing tax system. But three years later, it's clear the law made only a minor difference for businesses.

At least that's the consensus shared by most entrepreneurs and tax experts. Perhaps it's because the law is actually intended to provide more relief to middle-income parents with kids than to entrepreneurs running businesses. It created a special tax credit for each child parents have under age 16 and currently offers a number of education credits and deductions for college-bound kids.

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