following are the remarks of a prominent member of the u s congress explain why you 543808

Following are the remarks of a prominent member of the U.S. Congress. Explain why you agree or disagree.

The plain fact of the matter is that inflation accounting is a premature, imprecise, and under developed method of recording basic business facts. To insist that any system of inflation accounting can afford the accuracy and fairness needed for the efficient operation of our tax system is simply foolish. My years on the Ways and Means Committee have exposed me to the many appeals of business from corporate tax “reform” to the need for capital formation-which have served as a guise for reducing the tax contributions of American business. In this respect, I see inflation accounting as another in a long line of attempts to minimize corporate taxation through backdoor gimmickry.