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H&R BLOCK ANALYSIS SHOWS TAX BILL'S IMPACT

Income Tax Package Means Relief for Poor, Spares Middle and Most
 Elderly, Wealthy to Pay More; 12 Case Studies Show Impact
 of Tax Bill Provisions on `Real World' Households
 KANSAS CITY, Mo., Aug. 6 /PRNewswire/ -- A preliminary analysis conducted by H&R Block Inc., shows that the income tax provisions of the Clinton budget plan approved on Aug. 3 by a House/Senate conference committee add up to a package spelling relief for those with low incomes, no increases for middle-income taxpayers and most of the elderly, and hikes in the tax liabilities of America's wealthiest households.
 "We have been told that many Americans have indicated to pollsters in recent days and weeks that they are expecting to be handed a big income tax hike. Most of these people appear to be misinformed," said H&R Block President and Chief Executive Officer Thomas Bloch. "Our review of the income tax plan shows that its real 'bite' falls only on upper-income taxpayers. Middle-income taxpayers and the vast majority of the elderly have emerged unscathed, which means that those being asked to pay more are the very ones who can truly afford to do so."
 Bloch added: "Low-income households will actually get a boost through significantly expanded earned income tax credit. The changes targeting America's poor will help lift households out of poverty and provide and important incentive to work. Even the well-to-do, who will shoulder a higher tax responsibility, can benefit from special provisions in the tax bill for those who invest in new businesses and jobs."
 The detailed 4-page H&R Block analysis examines the income tax provisions of the "Revenue Reconciliation Bill of 1993," as it was passed Tuesday by a House/Senate conference committee. The H&R Block document shows the impact of the Clinton income tax plan on the poor, middle-income taxpayers, the elderly and the wealthy. A total of 12 hypothetical case studies have been developed by H&R Block to illustrate the implications of the income tax plan.
 H&R Block, headquartered in Kansas City, is the world's largest provider of taxpayer services. Last year, the company served 18.1 million taxpayers worldwide. In the United States, H&R Block served approximately one of every seven taxpayers from its over 8,000 offices.
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 /NOTE TO EDITORS: H&R Block is a registered trademark. Copies of the H&R Block analysis are available via fax upon request. Arrangements also may be made to speak with H&R Block officials./
 /CONTACT: Scott Stapf of The Hastings Group, 703-276-1116, for H&R Block/


CO: H&R Block ST: Missouri IN: FIN SU: EXE LEG

IH-DC -- DC004 -- 0231 08/06/93 10:00 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
Words:449
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