CONGRESSIONAL LEADERS ARE SWARMING like a school of piranhas around some of the most successful U.S. businesses. The work of two Nobel Prize-winning economists suggests that these efforts will be profoundly damaging to the long-run health of our economy.

Years ago, Congress set rules for private equity firms and oil companies to play by. Under those rules, these firms took risks and profited handsomely. Now that the profits are in, Congress is targeting them with specific taxes designed to take back the winnings.

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