The Rich Are Taxed Enough
Topics: Economics, Finance, U.S.
Public Release Date: October 24, 2012
Brought to you in partnership with the Richard Paul Richman Center for Business, Law, and Public Policy, a joint venture of Columbia Business School and Columbia Law School.
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?
ARGUING YES:
Glenn Hubbard: Dean of the Columbia University Business School
Arthur Laffer: Former member of President Reagan’s Economic Policy Advisory Board, the Father of Supply Side Economics, and President of Laffer Associates
ARGUING NO:
Robert Reich: Former Secretary of Labor
Mark Zandi: Chief Economist of Moody’s Analytics
MODERATOR-IN-CHIEF:
John Donvan: Emmy award-winning journalist