Over in the UK, Labour is now up big over the ruling Tories. Part of that is almost certainly a stalled, ailing economy, but what’s sort of interesting because a big part of their drop is due to implementing a cap on charitable deductions, which is essentially what Obama wanted to do here to cut the deficit. It’s good policy, but really terrible politics. I have no idea if implementing such a cap would limit charitable deductions by wealthy people, I suspect it wouldn’t, but intuitively it seems as though it would, and it’s a short hop from this and austerity to getting the “heartless” tag. Or maybe it’s already done. Of course, none of this wouldn’t have been necessary had the Tories not made a huge cut in the highest tax bracket a few weeks back. I’m beginning to think that all those stories about how thoughtful and moderate the Tories are might be overblown, don’t you?

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