Word: taxing
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...have heard plenty of liberals say the wealthy need to pay their fair share. Well, according to Fortune, in 2006, the wealthiest 3% of taxpayers paid 54% of all income taxes. Democratic President John F. Kennedy reduced the highest marginal tax rate from 90% to 70% because he felt that all taxpayers, regardless of financial status, deserved to keep more of their money. The change led to increased economic activity, more jobs, and more savings. Kent Frederick, Chicago
...bigger effort is likely in January, when Barack Obama moves into the White House. And it's not just Washington: China has announced a $586 billion stimulus plan, although it's not clear how much of that will be new spending. Germany has approved $29 billion in spending and tax cuts. British Prime Minister Gordon Brown is expected to announce tax cuts soon...
...simple idea behind all these efforts is that consumers and businesses aren't spending enough to keep the economy growing; government either needs to tempt them into doing so with tax cuts or do the spending itself. In the U.S., many economists are urging a total stimulus of at least $300 billion, or 2% of GDP. A few say $500 billion or $600 billion makes more sense--and that's on top of the hundreds of billions already committed to bailing out financial institutions. Goldman Sachs chief U.S. economist Jan Hatzius, who is in the $500 billion camp, estimates that...
First, the most extreme economic argument against temporary fiscal stimulus--that consumers and businesses would see through it and restrict spending to prepare for the tax increases or spending cuts to come--has lost almost all its adherents. Economists no longer believe humans are that farsighted...
Second, a stimulus package--the tax rebate of 2001--was widely credited with helping end that year's downturn. The good timing was in part luck; President Bush had been pushing for a tax cut whether there was a recession or not. But it showed that fiscal stimulus could work...