has always said lifo is fine. but it's all about revenue. we need more money to spend, so we're going to retroactively tax 36% of american businesses that use this accounting method. it's wrong. and that's why the small business administration office of advocacy has said this could put many small businesses out of business. it's why we shouldn't be considering it. what are the other taxes they propose? well, one of them is to cap itemized deductions. so you would only be able to deduct either 28% or maybe up to 35% of your income. now, obviously the first effect of this is to make it much more difficult for americans to contribute to charity, to buy homes because they wouldn't have the advantage of the mortgage interest deduction, to pay medical expenses and so on. and as "the wall street journal" has editorialized, this is just a backdoor way of raising marginal tax rates without actually happening to do so. but the biggest problem with this capping of deductions is not that it's going to hurt the millionaires. they're either going to be ca