Jeffrey Sachs, a Columbia University economist, has his own prescriptions for the lurching American economy.
Higher taxes. And fewer deductions. Say what?
Sachs proposed recently that there should be a 1 percent tax on the net worth of Americans above $5 million. That would generate about $150 billion per year. He'd also like to end mortgage tax deductions on vacation homes. Sachs said that declining tax rates since the Reagan administration have cost the United States its leading position in education, infrastructure and science.
He's also against the proposed extension of the payroll tax cut.
"Isn't it strange we went through this debate about cutting the budget deficit, and then the very next day, the President started the campaign to cut taxes, to continue these tax reductions," Sachs said. "We have a massive budget deficit. We have a massive deficit of spending on crucial needs in this country — education, higher education, preschool, rebuilding an infrastructure that's 50 years out-of-date. We're slashing science and technology spending."
And Sachs said we're at the lowest level of tax collects in our modern history, 15 percent of national income, and he'd like to see that change.
"We can't pay our bills," Sachs said.
'via Blog this'
No comments:
Post a Comment