When in Doubt, Soak the Rich
The Washington Post asked seven economists, former officials and others to give an opinion on President Obama’s proposed tax hikes. They had to throw in a member of Obama’s Economic Recovery Advisory Board to make it 4-3 in favor of the tax increases. You can kinda tell from her job title that she’ll disagree with Harvard Economics Prof. Greg Mankiw’s view:
President Obama’s proposal to raise taxes at the top to further cut taxes at the bottom has one rationale: using the coercive power of the state to “spread the wealth around.” In addition to the obvious disincentive effects, the policy raises deep philosophical questions. If one citizen of a nation can lay claim to the wealth of his more productive neighbor, shouldn’t poor nations have the right to lay claim to the resources of richer nations such as the United States?
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