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Tax the rich!

Publication: Synthesis/Regeneration
Publication Date: 22-SEP-09 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Tax the rich!(A Win-Win Solution)(financial transactions tax )

Article Excerpt
The quest to increase taxes on the wealthy is not a gratuitous attack on upper income households; it is driven by the need to raise more revenue to run the government. While many deficit hawks have been irresponsible in raising fears of an impending collapse of the American government, the projected deficits for years following the recovery are in fact larger than is desirable.

There are areas of American spending at the federal government level that could be reasonably cut, but even after we have zeroed out the "waste, fraud, and abuse" category of federal spending we will still likely need additional revenue of between 1-2% of GDP to keep budget deficits in an acceptable range. That leaves a choice between increasing taxes on the wealthy or imposing more taxes on...

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