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December 25, 2010

Robert Reich prescription for ending the US recession is to raise taxes to 70-90%

Robert Reich recommends raising the marginal income tax rate on the highest earners to 70-90% to end the US recession. This site does not agree with that recommendation but provides it as an FYI (for your information).

In the decades after World War II, legislation like the G.I. Bill, a vast expansion of public higher education and civil rights and voting rights laws further reduced economic inequality. Much of this was paid for with a 70 percent to 90 percent marginal income tax on the highest incomes. And as America’s middle class shared more of the economy’s gains, it was able to buy more of the goods and services the economy could provide. The result: rapid growth and more jobs.



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