Suddenly there are a lot of tax proposals back on the table. This is too bad, because changing the tax law every five minutes enriches accountants and attorneys but just confuses everyone else. So there's a lot to be said for leaving things alone. That's certainly the case if the alternative is the President's broad capital-gains cut. A focused capital-gains cut would cost far less and accomplish as much or more, and without the paperwork. But first a little background:
-- A Texas millionaire in 1981, at the dawn of the Reagan/Bush era, was in the 70% marginal tax bracket. Of...
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