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your favorite loopholes.” So Old Tar Baby, Internal Revenue Code, let go of Brer Congress’s left hand.
Now, sez Brer Congress, “If you let go of my head, I won’t try to smash up all your tax shelters by butting you.” Old Tar Baby let go of Brer Congress’s head.
Then Brer Congress promised to let Old Tar Baby Income Tax Code keep the deduction of interest on home mortgages, even on second houses (if not homes) and to allow the deduction of state and local income taxes against Federal income tax, and Old Tar Baby let go of both of Brer Congress’s feet.
About that time, Brer President comes walking by, and he sez to Brer Congress, “Good work! The income tax code has been changed historically, monumentally, and radically, and it has been reformed, and recodified and remains revenue neutral. The changes will not affect the Federal deficit.”
Brer Congress thanked the President and went on down the road, wiping the tar off his various parts, reconciled to the Federal deficit, and resigned to passing a continuing budget resolution rather than approving a new budget.
Old Tar Baby, Income Tax Code, just sat there by the side of the road, smiling to himself and not saying anything.
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