December 12, 2008 02:17 PM | Permalink | 
If Congress decides to again consider legislation to save the automobile industry from collapse, it should exclude (or dramatically revise) two tax provisions included in the bill approved by the House of Representatives and rejected by the Senate this week.
The first provision would waive a section of the tax code (for the auto industry only) that prevents the use of mergers as abusive tax shelters. The second provision would essentially provide a bailout for public transit agencies suffering from the consequences of participating in an illegal tax scheme.
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