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Ultimately, the tax preference for labor income was short-lived.
High-ranking policymakers also questioned the capital gains tax preference.
Unsurprisingly, the benefits of the capital gains tax preference disproportionately go to the top income earners.
Why in heaven's name do we need to keep a tax preference to encourage more?
If the bill became law, it would give the same tax preference to insurance premiums.
It would do that by assuming the elimination of every tax preference, deduction and credit.
How generous the new tax preference for private education would be is subject to debate.
The past political contests over the capital gains tax preference illustrate the unstable and conditional nature of this tax provision.
There were several justifications for the first capital gains tax preference – all of which continue to support the benefit today.
For instance, the Bowles-Simpson commission, which Mr Obama established, has proposed limiting tax preference benefits for upper-income households.
Eliminating the tax preference for employment-based coverage would yield additional government revenue of $200 billion to $300 billion.
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