Wall Street’s Democrats by Robert Reich

[Crewleader]

Monday, December 8, 2014

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.

http://robertreich.org/post/104684097130

[bvar22]

1. DURec, and the closing lines to a powerful editorial:

'But the reason Democrats have pulled their punches with the financial sector for years is because it’s hard to punch the hand that feeds you.

This must stop. America can’t tackle widening inequality without confronting the power and privilege lying behind it.

If the Democratic party doesn’t lead the charge, who will?

Elizabeth Warren comes to mind,
but she will need an army to help her.
I'll do my part.