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BEEN THERE, DONE THAT

October 31, 2006

From a letter to Tax Analysts from SMU law professer Henry J. Lischer, Jr. ($link):

It seems that, to address long-term fiscal problems, we have to have a short-term crisis. The thought struck me that a prescription for meaningful long-term tax and expenditure reform would be (1) to repeal the section 469 passive loss limitation rules to bring back tax shelters that will cause the public to agitate for tax reform and (2) in the upcoming November elections, to elect to Congress only those candidates that promise the highest level of fiscal irresponsibility so that the annual deficit will rise to a higher level relative to GDP.

Come on, Henry. We've been doing step 2 for years and years - what makes you think we'd stop now?

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