Our country has become a welfare state for the rich. Corporate welfare. More tax cuts for the rich. More taxpayers supporting the wild and crazy swaps market. We continue to give them more and more money.
From Robert Reich:
In Washington’s coming budget battles, sacred cows like the tax deductions for home mortgage interest and charitable donations are likely to be on the table along with potential cuts to Social Security and Medicare.
But no one on Capitol Hill believes Wall Street’s beloved carried-interest tax loophole will be touched.
Don’t blame the newly elected Republican Congress.
Democrats didn’t repeal the loophole when they ran both houses of Congress from January 2009 to January 2011. And the reason they didn’t has a direct bearing on the future of the party.
First, let me explain why this loophole is the most flagrant of all giveaways to the super-rich.