Taxpayers might get up in arms if the deduction were eliminated, but they would have no reason to be upset.
To reduce the deficit, tax subsidies should be thought of as spending.
By one analysis of the deal on extending the Bush tax cuts, Obama got more than the Republicans did. The measures he sought cost three times more than those the GOP sought. But can that help him change the minds of Democrats on Capitol Hill?
Unemployment benefits and tax cuts will help middle class Americans, argued President Obama. True, but the plan helps everyone else, too – except the ballooning deficit.
Some Democrats are in revolt now that President Obama has backed a deal to extend all the Bush tax cuts – even to the rich. Economists differ on the value of tax cuts for the rich.