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Article: How the balanced-budget deal compares with current law.(Originated from Knight-Ridder Newspapers)

Article from:
Knight Ridder/Tribune News Service
Article date:
July 29, 1997
Copyright

WASHINGTON _ Here is a summary of changes that the budget agreement would make to current law. Income figures are for adjusted gross incomes.

CHILD TAX CREDIT

Current law:

_No provision.

Agreement:

_Families with incomes between $18,000 and $110,000 (up to $75,000 for single parents) would get a tax credit of as much as $400 for each child age 16 and younger in 1998, $500 per child in 1999 and thereafter. The tax credit would begin phasing out for higher incomes. (A tax credit is a rebate on taxes.)

CAPITAL GAINS ON INVESTMENTS

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