^*Professor Emeritus, Penn State University. I wish to thank Ralph Sandler, this paper's discussant at the 2002 meeting of the Southern Economics Association, Martin Duffy, Thomas Ireland, Robert Male, and Wendell Sweetser for comments and suggestions on an earlier draft of this paper. I also wish to thank two CPA's, Dave Hardin and Steve Hess, for independently confirming that the miscellaneous expense deduction is an exclusion item rather than a deferral item for purposes of determining eligibility for a future minimum tax credit.