The Iowa caucuses are only a few days away, and interestingly, the tax subsidy for ethanol production steep import tariffs are about to expire about the same time. I have inveighed against the
evils of these subsidies for some time. Seeing their expiration is a cause for rejoicing, and evidence that we can win victories against entrenched special interests. Unfortunately, there is still a
federal law on the books that requires the use of ethanol in gasoline. H/T
WSJ.
It's also great to see that ethanol hasn't become a burning issue in the Iowa caucuses; perhaps because of the near universal condemnation the whole program is receiving. No matter, time to start taking on other formerly sacred cows of government subsidy. Anyone up for removing the home mortgage subsidy next?
Makes more sense than paying to convert it to ethanol.
Makes more sense than paying to convert it to ethanol.
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The most sacred of the sacred cows. It would be political suicide to remove the mortgage deduction, but I wonder if a slow phase out could be sold to the public. Something like a slowly decreasing cap on the amount that the deduction applies to.
ReplyDeleteI agree with you Kelly that any removal would have to be phased either by income or by time or both.
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