“Give a guy who makes $1 million an extra thousand and he’ll barely notice it.”

Raising taxes on the ultra-rich, again

#Money

Thu, Feb 28th, 2019 12:14 by capnasty NEWS

On Scientific American John Horgan argues in favour of raising taxes on the rich back to 1980s levels as a mean to counter the growing inequality.

Krugman rejects the claim that high taxes hurt the economy. Maximum tax rates reached 90 percent in the late 1950s, and they remained at 70 percent as recently as the early 1980s before plummeting during the Reagan administration. The U.S. economy “did just fine” during these periods, Krugman says. “Since then tax rates have come way down, and if anything the economy has done less well.”

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