Tax Relief for the Agile Wealthy

This blog post summarizes the effects of two seemingly minor tax code modifications.  The extension of foreign tax credits and the removal of deductible limits on Katrina related donations have been a bonanza.  Wealthy people that do not have to depend on domestic W-2 income can "score at will" as they say in the NBA.  Those that do carry the load for the well-connected rats. 

An important lesson from this post is to realize the futilty of reform of the existing code.  Unintended consequences and shrewd manipulation will undo the best of intentions.  As citizens, it is past time to realize that tax reform via the Hedge Tax is urgent.  The Hedge Tax puts the power to tax and spend in the hands of all of the people instead of a few vested special interest rats.