The Emc Spin Crisis: Comparing Proton and Photon

The "kinematical" resolution of the $U_A(1)$ problem is proposed. The cancellation of photonic and gluonic anomalies suggested by the t'Hooft consistency principle naturally explains the zero singlet contributions to the first moments of proton and photon spin structure functions. The new sum rule for the photon spin structure function is derived. The strong strong $Q^2$-dependence of the Gerasimov-Drell-Hearn sum rule is related to the $G_2$ structure function and to the gluonic anomaly.