Debate: The Rich Are Taxed Enough
Robert Reich and Mark Zandi debate Glenn Hubbard and Arthur Laffer on the topic: The Rich Are Taxed Enough. Moderated by John Donvan. How do we fix the economy? The U.S. government's budget deficit is nearing a trillion dollars for the fourth straight year and unemployment remains high. With the Bush-era tax cuts that are set to expire at the end of 2012, what is the best move for continued economic recovery? President Obama says we should raise taxes on those making more than $250,000 to reduce the deficit. Others say that the richest 1% already pay more than a quarter of all federal taxes and higher taxes for job creators would slow economic growth. Are the nation's wealthiest not paying their "fair share," or should tax breaks be extended for everyone in the name of job creation?
For: Glenn Hubbard
For: Arthur Laffer
Against: Robert Reich
Against: Mark Zandi