Henry Blodget | Business Insider
Chairman Ben came out swinging last night on “60 Minutes.”
First, as expected, he said he’s ready and willing to do more quantitative easing if he feels it will help.
Second, he said inequality is destroying America.
Third, he said we need to simplify the tax code, cutting rates and eliminating “loopholes.”
This, he says, will incent people to make more investments (we don’t see how that necessarily follows, but that’s what he said.):
“The tax code is very inefficient — both the personal tax code and the corporate tax code,” Mr. Bernanke said. “By closing loopholes and lowering rates, you could increase the efficiency of the tax code and create more incentives for people to invest.”
Bernanke didn’t specify whether eliminating “loopholes” includes eliminating the mortgage-interest tax deduction that everyone loves. Unless he’s looking to get sacked, we assume he doesn’t mean that. (But of course it should be eliminated, because it’s just another housing-market subsidy, one that punishes people who choose to rent instead of buy…)
Watch the video below:
Quote from Sewell Chan in the New York Times.
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See Also:
- BERNANKE: Growing Inequality Is Destroying America
- Ben Bernanke: “Oh, It’s Certainly Possible” There Will Be More Bond Purchases
- 15 Mind-Blowing Facts About Wealth And Inequality In America
The original version of the story appears here: http://www.businessinsider.com/bernanke-cut-taxes-and-eliminate-loopholes-2010-12
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