The Decline (and Fall?) of the Income Tax.
Author | Goldberg, Jr., Fred T. |
First, a confession. I wasn't quite sure whether to read Professor Michael Graetz's The Decline (and Fall?) of the Income Tax. Michael is a dear friend and colleague. By my lights, he is one of the funniest and most astute tax professionals on the scene today. I just wasn't quite sure what he'd be like in writing.
No surprise, he's as wonderful in print as he is in person. The Decline (and Fall?) is a funny, easy read... but beware the sharp edges. It takes the reader on a magical mystery tour of our income tax system. Along the way, we learn how and why things went so wrong. By the end of the trip, we learn what can and should be done to save the tax system from itself.
It's a Funny, Easy Read
Professor Graetz's book is a serious history of our tax system. But it's funny. And I mean really funny -- laugh-out-loud funny. The chapter headings are a dead giveaway. What is there to say about chapters with headings like: It's a Sin to Get a Mexican Divorce; Chasing Chinchilla Coats; Dad Is Not at the Dining Room Table Any More; The Madness of Two Georges; Read My Hips. It turns out that the exact text follows these leads. My personal favorites include a hilarious discussion of the marriage penalty, which concludes, as follows:
The IRS apparently regards
long-term living together as
better public policy than
divorces followed by
remarriage.
What's Gone Wrong
Professor Graetz shines a bright light on the question of what has gone so wrong with our tax system, and why. He rounds up all of the guilty as charged. While different readers will undoubtedly pick (identify with?) different villains, I think Professor Graetz makes a compelling case that there are two primary culprits. First, the tax law has strayed too far from fundamental "American"...
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