The U.S. Treasury Department today announced it is conceding the legal dispute over the federal excise tax on long-distance telephone service.  The Department of Justice will no longer pursue litigation and the Internal Revenue Service (IRS) will issue refunds of tax on long-distance service for the past three years.

What does this mean in practical terms?  It means the Spanish-American War of 1898 is finally over.  The tax was levied to help pay for the war.

And how is the victory being celebrated?

The Treasury Department went the low-key route in its press release headline:

Treasury Announces End to Long-Distance Telephone Excise Tax

House Majority Whip Roy Blunt, however, couldn’t contain his euphoria:

“The telephone excise tax has outlasted two world wars, the Great Depression, and the start of two new centuries, but the federal government continued to needlessly tax basic telephone services.  The war lasted only 220 days, yet this tax on talking has finally expired after over 39,000 days.”

Now if we could only blame the excise tax on the sinking of the battleship Maine.

Extreme Mortman  had a secret correspondent attend the big Berkshire Hathaway meeting over the weekend to hear legendary rich guy Warren Buffett speak.  Here’s our tipster’s report:

Buffett gave his usual sage advice (end corrupt executive compensation policies; avoid investments in overheated markets like commodities, etc.); ducked the tough questions on succession and why Berkshire isn’t dividending out some of its $40 billion cash pile; and warned about the dire consequences of Bush administration policies he doesn’t agree with (current accounts imbalance will cause severe decline in the dollar; his taxes are too low because his marginal rates are the lowest in his office, etc.)  For humor, maybe the best source was Buffett’s long-time number two, Charlie Munger.  In the opening video, the Desperate Housewives actresses are sitting around a poker table talking about trying to land a billionaire.  Nicolette Sheridan (the blonde) thinks she’s going to get Buffett, but gets Munger instead.  Afterwards, Buffett quips that it’s the lesson of Anna Nicole Smith:  when choosing between old rich guys, always pick the older one.