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How a Widely Beloved Tax Deduction Really Just Benefits the Well-Off and Exacerbates Inequality (TAP)
The mortgage interest deduction primarily benefits those who make at least $100,000 a year, and dwarfs funding for housing programs for the poor, writes Alex Ulam.
- Roosevelt Take: In his latest white paper on tax reform, Roosevelt Institute Chief Economist Joseph Stiglitz suggests changes to the mortgage interest deduction that would make it more equitable.
What Would Real Economic Justice Look Like in Ferguson? (The Nation)
Michelle Chen reports on organized labor’s involvement in Ferguson, MO, where a millennial labor group called Future Fighters is asking protesters want they want their community to look like.
Fed Dissenters Increasingly Vocal About Inflation Fears (NYT)
The newly released minutes from the Federal Reserve’s July meeting show that some Fed officials feel the central bank has done all it can to improve the economy, writes Binyamin Appelbaum.
CEOs are Dumb When it Comes to This (MarketWatch)
Simon Constable reports on a new study that shows that stock option compensation isn’t really considered in dollars: CEOs tend to get the same number of options regardless of the stock’s value.
- Roosevelt Take: William Lazonick argues that stock option compensation has a destabilizing effect on the economy.
Why Bank of America Probably Won’t End Up Actually Paying US$17B in Mortgage Securities Settlement (Financial Post)
Consumer relief as negotiated in this settlement and others rarely cost the banks much at all, says Jeff Horwitz. But with few other sources of consumer relief, advocates welcome this one.
The Latest Attack on Labor, From The Group That Brought Us ‘Harris v. Quinn’ (In These Times)
Moshe Marvit explains the National Right to Work Committee’s latest tactic, which aims to end exclusive representation in public sector unions and weaken collective bargaining.
New on Next New Deal
In his video speculation for the Next American Economy project, Stefaan Verlhurst, Co-Founder of GovLab, projects how municipal governments might shift tactics to take advantage of broader resources.