Tax increases are never a good idea, but they are particularly misguided when imposed during tough economic times. In addition, tax increases on upper incomes have widespread negatives for the economy given that those upper income earners tend to be entrepreneurs and investors. If we want robust economic growth and job creation, then we need more risk taking, and raising taxes on the risk takers is glaringly counterproductive.
This same debate gets played out in many states as well. Just as personal income taxes matter at the federal level, they also matter at the state level...
Read the rest of this SBE Council Cybercolumn by chief economist Raymond J. Keating here.
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