U. of Chicago economist Casey B. Mulligan points out that the federal government's "Streamlined Modification Program" amounts to a kind of income tax:
The Streamlined Modification Program, and programs like it, are bad for the economy and the taxpayer. Because these programs say borrowers who earn more have to pay more to their lender, it is as if lenders were levying their own income tax, on top of the taxes already levied by public treasuries.
December 10 2008, 3:43am | Original Link »
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