It isn't OK, but there's no political will to change it. I guess what I mean by "political will", is the willingness to compromise to correct the tax code so that everyone pays a fair share of taxes.

The Democrats don't want to increase taxes on the lower income classes, their political base. The Republicans won't consider increasing taxes on the wealthy or modifying tax breaks and loopholes for corporations. The stalemate continues even if total tax revenues resulting from such changes to the tax code aren't increased. The most frequent criticism is that those actions would result in "redistribution of wealth". Both sides are saying "my way of the highway".

It seems to me there will be only one of two possible outcomes. Either the electorate gets so upset with Congress over the result of their ideological bickering and inaction and replaces them...or Congress continues to do nothing and our creditors demand changes, such as is happening in Greece and Spain right now.

By the way, in case you haven't noticed, the experts who have evaluated the new Greek socialist government's refusal to consider the demands of the EU and is threatening to leave the EU and default on their billions in loans have said that the result of those actions (or inactions) will be a reduction in the average income of Greek families by 55%, dramatically increased unemployment, and an implosion of both the Greek banking system as well as the possibility that the resulting economic damage would create widespread bank failures both in the EU as well as possibly in the U.S.