Taxpayers should demand a "Rangel Rule" exception

Writing at The Corner, Ramesh Ponnuru describes an exciting new proposal from Rep. John Carter (R-TX).

All U.S. taxpayers would enjoy the same immunity from IRS penalties and interest as House Ways and Means Chairman Charles Rangel (D-NY) and Obama Administration Treasury Secretary Timothy Geithner, if a bill introduced today by Congressman John Carter (R-TX) becomes law.

Carter, a former longtime Texas judge, today introduced the Rangel Rule Act of 2009, HR 735, which would prohibit the Internal Revenue Service from charging penalties and interest on back taxes against U.S. citizens. Under the proposed law, any taxpayer who wrote “Rangel Rule” on their return when paying back taxes would be immune from penalties and interest.

If I write "Dodd Rule" on my refinancing documents, I wonder if I could get a loan that's fifty basis points lower than market?

Update: Parkway Rest Stop suggests a "Pelosi Rule"!