I could talk all day about principles-based legislation.
I'm not the only one who says this, but it makes a lot of sense. You will hear tax lawyers in practice, from private firms or justice, say the same. It means thinking hard about what your principles and policies are, and then drafting the legislation to match that, rather than a scattergun approach with all these rules that point in different directions.
As Professor Li mentioned in a previous meeting, when you have an anti-avoidance rule, it's a double-edged sword. You say, “I can't do A, B, C or D. Well, I'm going to do E, which isn't covered by the legislation.”
In thinking about what the principle is.... For example, if your principle is on interest deductibility, you should be saying—