By R. Glenn Hubbard
In the fine print of the $110 billion tax "extenders" bill that is due to come before the Senate is an obscure provision that would do three things at once: turn the tables on decades of business tax law and practice, impose a penalty on more than a million entrepreneurs and further stall the country's economic recovery.
If passed, it would single out more than 1.5 million business partnerships - mainly those that invest in real estate - for punitive and discriminatory tax treatment.
At the same time, the bill would levy a heavy penalty on the owners of these businesses - and potentially destroy billions of dollars in value created by years of hard work.