It is choked with exemptions, preferences, credits, subsidies, special-interest favors, phase-ins, phase-outs and grandfatherclauses.
FORBES: U.S. tax rackets
2.
It was intended to grow and be handed down from one generation to the next, largely protected from the taxman through the shrewdness of family strategists--and generous grandfatherclauses that protect assets accumulating in offshore accounts set up years ago.