Friday, June 10, 2011
The chair of the ABA Section of Taxation, unfazed by the prospect of losing 22% of the section's membership -- which occurred after the enactment of the Tax Reform Act of 1986 -- said June 9 that the tax code is in desperate need of another overhaul.
"The goal that Congress ought to have is to put as many of us out of business as possible. Now I say that with full confidence that it's not going to happen," said Charles H. Egerton. Although Congress may stop short of completely restructuring the code, he said, "we'll have to reinvent ourselves. That's a price we need to be willing to pay."
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