Free market is essentially without regulations. The adage "buyer beware" is the best message that should be given. If you don't understand the market well enough to make a good decision you shouldn't be in it.
The reason for the current tax code is that special interests (as much or more on the liberal side) want to pay less taxes. A better solution is to get the government out of all markets and disallow all "special" writeoffs. If something is not a direct expense of doing business you shouldn't be able to deduct it. Too much of the tax code is based on convincing someone to do or not do something.