May 9, 1986

Time Inc., in a divergence from its past strategy, will invest in Parenting magazine, a periodical planned for more affluent, educated parents. Parenting magazine was conceived and developed by Robin Wolander, the former publisher of Mother Jones magazine. Time has agreed to put up somewhat less than $5 million to begin the publication.

Traditionally, the opening day of striped bass season has brought a flurry of activity to this area as commercial and recreational fishermen assault the ocean in pursuit of the elusive and valuable fish. But today - on what was scheduled to be the opening day of New York's 1986 striped bass season - the ocean and beaches on eastern Long Island were strangely empty. ''I'd be out catching bass if I could,'' said Daniel King, a 36-year-old commercial fisherman. ''That's what I want to do. That's what I know how to do.''

The White House said today that President Reagan would be actively involved in gathering Congressional support for the tax-revision plan approved by the Senate Finance Committee. Larry Speakes, the White House spokesman, said Mr. Reagan planned to talk with Senate leaders over the next few days to press for the measure, to focus on tax revision in his weekly radio speech on Saturday and to ''be actively involved in encouraging prompt action on the floor.'' Mr. Reagan, in a phone call to Senator Bob Packwood, chairman of the committee and a key architect of the new tax plan, said the measure ''moved us one giant step further down the road toward meaningful, historic tax reform,'' then added, ''We stand ready to work with you closely as your bill goes to the floor.'' Emphasizing Commitment In their four-minute conversation, intended to underscore the President's commitment to the committee's bill, Mr. Reagan said, ''The American people deserve the type of reform that you have put together.''

The House Budget Committee tonight approved a 1987 budget plan that cuts the President's military budget below this year's level and raises revenue by $13.2 billion, the amount voted by the Senate. The budget plan, which sets spending at just under $1 trillion, was approved by a vote of 21 to 11 along party lines, contrasting sharply with the bipartisan approval given the Senate plan, both in committee and on the floor. The House committee's proposal would cut the Federal budget deficit to $137 billion, exceeding the $144 billion goal set in the new balanced-budget law. If the budget plan for 1987 is approved in the Democratic-controlled House, it would set up a major confrontation with the Republican-controlled Senate and the White House. Far Apart on Military Budget Although the House includes the same $13.2 billion figure for revenue increases as that approved in the Senate, the two are far apart on the military budget. President Reagan opposes both the deep cuts in the military budget and the $13.2 billion increase in revenue. Mr. Reagan had proposed an increase of $6 billion in revenue.

For five years, Senator Bill Bradley of New Jersey has been trying to build support in Congress and across the country for dramatic changes in the tax code, including much lower rates and the elimination of most itemized deductions. With the approval of a bill by the Senate Finance Committee this week that incorporates such changes, Mr. Bradley achieved a long-sought personal triumph. Mr. Bradley, a Democrat, provided counsel and encouragement to the committee chairman, Bob Packwood of Oregon, a Republican, in steering the bill through a thicket of lobbyists for various interests and industries. Mr. Packwood later said he was converted and ''came around full circle to think that Bradley was right'' on the need for sweeping changes in the tax system. Mr. Bradley's colleagues said today that he had not pulled a rabbit out of the hat, but rather served as the conscience of the committee, demonstrating that voting against special interests could be a political plus.