It’s great to see a brilliant economist put such a well thought out article that just reinforces what we have already been saying. I will yell this from rooftops:
IF YOU RAISE TAXES ON THE RICH – YOU CAN BALANCE THE BUDGET.
Great article from Martin Wolf at the Financial Times…you should read all of it – an excerpt:
“There is a Laffer curve, but revenue is maximised at high rates, not low ones.
Another reason advanced for not raising taxes on the highest incomes is that it would not make much of a difference. In fact, the income shares at the top are so high that this is no longer true. Thus, raising the average income tax rate on the top percentile to 43.5 per cent from the low level of 22.4 per cent in 2007 would raise revenue by 3 per cent of GDP, closing much of the structural fiscal deficit, while still leaving the after-tax income share of the top percentile more than twice as high as in 1970.”
~Martin Wolf
Source: Financial Times
As we wrote about yesterday – America can balance the budget TODAY…all we have to do is raise taxes on the rich. That’s the solution. Lots of various ways to do it. You can read our proposal:
Balancing the Budget Is Easy; We Did
But what do we know after all….we just put the math to paper. Or you can read some of these other uninformed articles.
Read We Won’t Destroy Society If We Raise Taxes on the Rich from the American Prospect.
Read The Case for Raising Top Tax Rates at the NY Times.
Read Time to raise taxes on the rich at CNN.
1 Comment
[...] When I was a kid – there were times in my life that I was on the free lunch program. My mom didn’t make enough money and I’m lucky that I was able to eat. Children need food in order to be good students…and this doesn’t seem like something that I would characterize as “government waste” but the GOP does. All of this despite the fact what economists are saying – RAISE TAXES ON THE RICH and you’ll be able to balance the vast majority of the budget (source). [...]