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TUESDAYS WITH PROF. MAULE
June 17, 2008
Villanova tax professor Jim Maule has a lengthy discussion of the execrable Sec. 409A deferred comp rules passed in response to the Enron and WorldCom scandals. It addresses the difficulties for the IRS in administering a totally botched piece of legislation:
Though it's difficult to oppose Treasury and IRS "bailouts" of Congress in at least some of the situations in which they have done so, the temptation is oh, so strong, to let Congress reap what it sows, just to teach the it and the nation that electis it a lesson or two. Imagine if the tax law were administered by the IRS as literally drafted. It could be a nightmare and then some. It might just spark some genuine change in how Congress does business and it might just bring the quality of Congressional work product to a professional level.
The worse, the better? Well, at least with tax legislation, we're sure giving the worse a try.
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