US tax: Big boulder

Asking former Federal Reserve chief Paul Volcker to head a panel on US tax overhaul might strike many as a tragic waste of talent. The need to reform the bloated and inefficient code is obvious. But such a task is only taken by those with a Sisyphean streak – or perhaps those put out to pasture – because strong and entrenched interests have historically made the odds of success incredibly low. Yet Volcker’s reputation and the government’s desperate need to find new sources of revenue may give th...