Given the need for federal deficit reduction, now would seem to be an especially opportune time to eliminate the many ways in which government bestows unearned favors on the well-off. Slashing farm subsidies, which disproportionately favor rich farmers, is one obvious idea.
But the really big money is in the tax code, whose regressive provisions — such as the break for employer-paid health insurance; the favorable treatment of capital gains; and the mortgage-interest deduction — blow out the deficit and enable big earners to avoid paying their fair shares. With Washington forced to contemplate cutbacks in programs for the poor and middle class, it is unconscionable millionaires are still allowed tax deductions for mortgage interest on two houses.
Sunday, June 26, 2011
WaPo Editorial Calls For Corrective Action on Wage Disparity
The Washington Post: