The above comes from a very comprehensive report, titled
RECENT STUDIES FIND RAISING TAXES ON HIGH-INCOME
HOUSEHOLDS WOULD NOT HARM THE ECONOMY:
Policy Should Be Included in Balanced Deficit-Reduction Effort
For the record, I'm okay with the idea that tax hikes -- which are clearly necessary to our future, even if Rs don't manage to increase defense spending as they want to -- be across the board. In a graduated fashion, of course. Whereas I don't see it as "class warfare" to expect the most wealthy to pay more, nor is it "punishing success," as Rominee likes to say, I'd agree that, given the direness of the situation, everyone's taxes should go up at least a little. It's hard to imagine that Obama's middling middle-class tax cut did much good for anyone. And I've always been in favor of return to the Clinton-era tax rates, which, as can be seen above, reaped much goodness on the economy.
Further tax cuts, as advocated by Rominee, make no sense at all. Even my favorite conservative, a former Reagan economic adviser, agrees. What seems so obvious to me that it ought not need saying, is that no matter what incentives you think you're giving companies to hire people, they won't just do so absent increased demand for their products. The way government creates jobs is by creating jobs.
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