Thoughts On 'Is Soaking the Rich...Dangerous??'

The Tax Policy Center's Howard Gleckman argues that there are some downsides to the tax hike on the rich. Gleckman's chief concern seems to be that the surtax will torpedo any realistic effort at long-term tax reform. He argues “With rates this high, the political pressure to protect tax preferences will be enormous.” As MotherJones reports, “Gleckman's complaint here is that the surtax, while good politics, spells trouble for long-term tax policy.” What are your thoughts? What is the best long-term plan? Immediate tax hikes on the wealthy which immediately benefit the country but make reforming the faulty tax laws more difficult? or working to reform the tax code itself to eliminate the loopholes in place?

See the original article here

Join the discussion!