Tax hikes - the evidence

Let's look at the evidence regarding tax hikes on the wealthy and it's impact on the American economy.

And the reason this works? It redistributes some of the wealth from those who have it to those who need it and will spend it.

Important words - consider carefully

John Cassidy at the New Yorker ..

"With Republicans in Congress still intent on pursuing a strategy similar to the failed one adopted by the Brits, this is a story that needs trumpeting. Austerity policies are self-defeating: they cripple growth and reduce tax revenues. The only way to bring down the U.S. government’s deficit in a sustainable manner, and put the nation’s finances on a firmer footing, is to keep the economy growing. Spending cuts and tax increases can also play a role, but they need to be introduced gradually. [...]

That austerity has led to recession is undeniable. … consumer and investment spending have remained depressed. [...]

In adopting a fiscal stimulus of gradually declining magnitude over the past four years, the Obama Administration has administered what was, until recently, the standard medicine for a sick economy. As one would have expected on the basis of the textbooks, the American economy, while hardly racing ahead, has fared considerably better than its British counterpart. [...]

Having adopted the policies of Keynes in response to a calamitous recession, the United States has grown more than twice as fast during the past three years as Britain, which adopted the economics of Hoover (and Paul Ryan)."

Biden Defends Obama Tax Cuts/Increases

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