Steven Pearlstein reports on your elected representatives at work this election year.

Congress was unveiling the final details of a corporate tax bill so laden with subsidies, and so infused with government industrial policy, that any Eurocrat would be proud to call it his own.

When President Bush in his acceptance speech followed his call for tax reform with proposals for new special-purpose tax breaks, Reason‘s Julian Sanchez dryly remarked that the President seems to want a tax system that is all holes with no cheese. I think that this pretty much describes the corporate income tax as it exists today. The loopholes, corporate welfare, and compliance costs probably far outweigh the revenue that the tax takes in.

For Discussion. Do the loopholes create a constituency of corporations for whom repeal of the corporate income tax would be costly?