A growing number of political leaders consider wealth inequality to be a major economic and social problem. They complain that wealth is being shifted to the top at everyone else’s expense.Is wealth inequality the crisis that some people believe it is?
There is a knee‐jerk tendency in Washington to think that new spending programs are the answer to every challenge that people face. But the goal of public policy should be to wean people off government and remove barriers to self‐sufficiency.
The LIHTC is a failed federal response to a problem caused—or at least exacerbated—by state and local policies. As Congress considers legislation to adjust some of the provisions in its recent tax reform law, it should put the housing tax credit on the chopping block.