From Richard Russell in Dow Theory Letters:

Special – a major Russell rant – When will we have an honest tax system? The only way we will ever have an honest tax system is when we take Congress's greedy, corrupt hands out of the tax system. Of course Congress wants to retain the current system. This is a system where the Congress characters can ensure their incumbency by handing out special tax deals to their constituents in the same way they can steer special spending programs to their constituents.

You have to wonder – what's so great about being a member of Congress. One word – perks. And, of course, you don't have to compete in the real world.

I say limit the terms of Congressmen and turn to a consumption tax, a system which will keep Congress's greedy hands out of the tax system's cookie jar. It's simply incredible how much corruption goes on in Congress. These political bums are not only unpatriotic, they simply have no shame.

Crux Note: Learn more about the excellent Dow Theory Letters here.

More from Richard Russell:

Richard Russell: Inflation will dominate deflation

Richard Russell: "This market has nowhere to go but down"

Richard Russell: Everything you need to know about gold in three sentences