Sunday, December 16, 2012

A Chicken In Every Pot, A Loophole for Every Constituency

"For that matter, how many of the ordinary Americans signing on to the Fix the Debt initiative want to sacrifice their mortgage-interest deduction or exemption for employer-provided health-care benefits? There is a constituency for every loophole. More than half the lobbying in this country is related to the tax code, which is just one of the many reasons to strip it down to its bare essentials, like a couple of flat rates.  
"Based on past efforts, and limited success, in attacking deductions and exemptions, the best we can probably hope for is something Republican presidential nominee Mitt Romney proposed: a cap on itemized deductions for high-income earners. If that's what reform looks like, the tax code will continue to encourage inefficient behavior to the detriment of the economy."

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