House eyes tax breaks
HOUSE minority leader Dick Gephardt is proposing sweeping tax reforms that he says favor home ownership. Representative Gephardt's plan calls for big cuts in the tax rate and the elimination of all deductions with the exception of mortgage interest.
Meanwhile, GOP House tax-writers have set aside three days next week to consider 230 proposed tax breaks - including everything from education savings to summer-camp expenses.
House Ways and Means Committee Chairman Bill Archer promises he'll oppose anything that amounts to targeted tax relief or that costs too much.
Among the biggest changes proposed are the allowance of tax-sheltered savings accounts for education expenses and the phasing out of excise taxes on luxury autos.
A special Peace Tax Fund for conscientious objectors would let some people direct their tax money to programs such as Head Start and child nutrition.