STOP THE DAMAGE FROM TAX REFORM

It should be clear by now that Congress committed serious errors for altogether proper reasons when it passed the Tax Reform Act of 1986. Exalting such worthy principles as neutrality and fairness, tax reform failed to treat all taxpayers alike, or even fairly. For U.S. oil and gas producers, tax reform has come to mean capital starvation. Die-hard tax reformists see no problem here. To them, producer bankruptcies and a plummeting rig count mean simply that drilling can't hold its own on

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