Tax Law

Winter Wonderland

Newsflash: We interrupt the Capitol Hill Chorus Holiday Special featuring traditional favorites of “O Holy Tax Reform” “Happy Christmas (Deficit is Over)” and “Have Yourself a Merry Little Tea Party” to bring you this breaking news: There will be no pain on Capitol Hill this holiday season. . . .

“What about that deficit?” asked one sober reporter to a distracted lawmaker. “C’mon, Jack, it’s Christmas and we must appear hard-working and bipartisan. That deficit stuff would just ruin everything. Reagan never let it bother him

. . . .

Asked about the near universal agreement on the need for base broadening tax reform that would eliminate tax breaks for special interests, one senior staff member put it this way: “Oh, yes. We are absolutely committed to tax reform. My boss wants to make it his signature issue. Next year we will begin hearings. We want to be bold. But right now it is important for the economy to get these hundred or so extenders passed.”

View TaxAnalysts' Martin A. Sullivan's opinion in its entirety on

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