The Economy: Plugging Loopholes: More Virtue Than Revenue

Why are Democratic presidential candidates rushing to call for tax reform? According to Democrat Arthur Okun, who was chairman of the Council of Economic Advisers under President Johnson, they are responding to the voters' rising resentment against the present inequality of income distribution. This preoccupation with "fair shares," Okun says, is as much the result of the recent recession as an honest concern about fairness. But he fears the divisive effect of too much emphasis on tax reform and income redistribution during the election. He explained his concern at a recent meeting of...

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