We worry about growing inequality and the dwindling middle class, and advocate various policies to reverse these trends. And yet at the same time, we talk about reducing or eliminating the tax deduction that does the most to promote a more equal distribution of economic well-being.

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US President Donald Trump reacts after signing executive orders imposing tariffs on imported goods in the Rose Garden at the White House on April 2, 2025, in Washington, DC. (Andrew Harnik via Getty Images)