Monday, December 3, 2007

A Reply to Masters of the Universe

Tax is a good ride. I have to disagree with Jeff and WSJ Law Blog though. Despite a few data points in your favor, tax lawyers are not masters of the universe, at least not by themselves. Here's why. Unless a tax wonk works for the IRS, mastery of the Tax Code is but a single tool to reduce liability relative to assets, and to increase income relative to expense. A true tax master knows that the best tax planning from the swankiest most expensive tax lawyer is a but a cog in the wheel of fortune. The universe allows for the persistent possibility of insolvency. When the wheel stops on the red square marked "Belly Up"-- all the little gods of the solvent world step aside for the warrior armed with the Bankruptcy Code. The demi masters stand in safety and only watch the end game (in this life) where failure and redemption meet the rule of law at the hands of the Chosen.

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