Wednesday, November 30, 2011

Krugman is Wrong: The Real Reason to Raise Taxes on the Rich

I always feel bad when I disagree with Paul Krugman, because he's one of the best spokesmen that the American left has right now. But today I must do that. He has the right conclusion- tax the rich- but he's arguing it for the wrong reasons, which unfortunately strengthen the conservative position. I agree, let's tax the rich, but let's do so for the right reasons.

Paul Krugman's new column today is supported by a blog post where he writes that:

So, what we learn from IRS data is that in 2007, before the Great Recession depressed everyone’s income, the top 0.1% had around $1 trillion in taxable income...

So let’s suppose that it was possible to collect an additional 10 percent of that super-elite’s income in taxes, to the tune of $100 billion a year. Read more

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