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 Secretary of War Pete Hegseth and Japan’s Minister of Defense Shinjiro Koizumi inspect a guard of honor on October 29, 2025 in Tokyo, Japan. (Getty Images)