This article is the first part of a two-part examination of the contentious issue of how state governments' provision of goods and services to the public should be taxed under a VAT.

Southgate Master Fund v. United States exemplifies the difficult trade-off between tax collection and economic efficiency and shows how the IRS should prioritize its efforts.

Intense debate continues over the appropriate level of marginal income tax rates, particularly as policymakers consider whether to extend part or all of the 2001 and 2003 tax cuts, which are currently scheduled to expire at the end of 2012.

Since the 1930s, accountants and bank regulators have recognized the inherent weaknesses of mark-to-market accounting.

The financial crisis was not caused by the disorderly bankruptcy of Lehman Brothers, but by a common shock to all firms: the decline in mortgage values after the housing bubble collapsed, exacerbated by mark-to-market accounting.

Unless Congresscaps damages, many businesses may be bankrupted forminor violations of the Fair Credit Transactions Act.

For the most part, the U.S. government is indifferent as to whether beneficiaries of American taxpayer dollars are doing business in Iran, so the United States is indirectly subsidizing Iran.

Without a rational policy basis, the separation of banking and commerce is now only a way to protect banks and non-banks from competition from outside their industries.