Dr. Philip Stern, author of ?The Rape of the Taxpayer? talks about tax inequities. Wealthy individuals and corporations pay little tax due to loopholes. He talks aobut the oil industry and says we?ll be hearing more about the energy crisis and the need for a tax subsidy; however a study shows massive waste factor in drilling programs. He says the oil subsidy is misdirected and cites Gulf Oil. The companies know their risk because they drill so much. Small wildcatters should be getting the subsidy. He talks about joint filing for married couples and how it discriminates against all but the richest couples. This loophole costs more than Nixon?s talking about Congress overspending. If someone proposed a Welfare system that paid $720,000 a year to the richest couples and only $16 to the poorest and neediest we?d be out of our heads. We have this system, it?s not called Welfare, it?s called the Internal Revenue code. When asked why loopholes aren?t closed since this would benefit the majority Stern says the average taxpayer thinks he won?t make a differenceby himself. Another factor is financing of political campaigns and campaign spending. We won?t get tax reform until we have sweeping reform of campaign financing. Tax laws have amendments written for specific corporations. Municipal bonds are a misdirected subsidy; the interest on the bonds is tax free and doesn?t have to be listed on tax returns, Congress treats this as fictional non-existent income. He talks about Robert Short?s purchase of the Washington Senators baseball team for $1000 in cash and by borrowing the rest of it saved 4 million dollars in taxes.