Word: deductionism
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To figure out the answer, we might look to an existing one: the mortgage-interest tax deduction. Each year we give up some $80 billion in tax revenues so that homeowners don't have to pay tax on the income spent on mortgage interest. The thing is, about half of...
The people who do see a meaningful benefit are, by and large, already rich. Economists James Poterba and Todd Sinai found that the tax savings from the mortgage-interest deduction for households earning more than $250,000 is 10 times the tax savings for households earning $40,000 to $75...
Sure, it's easy to toss around reasons it's always better to be a homeowner (that mortgage-interest deduction) or it's always better to be a renter (no property taxes, and who wants to fix his own garbage disposal?). The more complicated truth is that at certain times...
In short, Washington is in the midst of a sweeping power grab over the compensation practices of corporate America. This makes me cringe, at least a little. The government's record at pay regulation is not encouraging. The wage and price controls of the Nixon era were quickly abandoned as...
Still, Democrats have said they won't pass anything that isn't fully paid for, and finding the money to plug an estimated $200 billion-to-$320 billion shortfall has been particularly tough. Obama's original proposal to raise the tax deduction for charitable giving by the nation's highest...