MICHAEL MUNGER, a professor of political science at Duke University, insightfully compares “tax expenditures” to the Catholic church’s practice of selling indulgences, which fomented the Reformation by sending Martin Luther into fit of righteous pique. Mr Munger reminds us that Indulgences were “get out of purgatory free!” cards. Of course, it was the church that … Continue reading Fiscal Indulgences
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