Closing tax loopholes is a growing part of the U.S. presidential campaign, but history shows this is a subject that gets a lot of talk and almost no action, according to The Economist. Congress killed a 33-year-old ethanol tax credit last year, but the $6 billion saved was insignificant. "By contrast, Congress has steadfastly ignored Mr Obama's proposal in his first budget (repeated ever since) to limit the tax break for mortgage interest and charitable deductions for rich households," the magazine notes.

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