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Tax Cuts and BMWs
futureofcapitalism.com

One of the arguments President Obama and Paul Krugman make against extending the Bush tax cuts for higher-income individuals is that they would save the money rather than spend it. Here is President Obama: "what I've got is the Republicans holding middle-class tax relief hostage because they're insisting we've got to give tax relief to millionaires and billionaires to the tune of about $100,000 per millionaire, which would cost over the course of 10 years, $700 billion, and that economists say is probably the worst way to stimulate the economy." Here is Paul Krugman: "Isn't keeping taxes for the affluent low also a form of stimulus? Not so you'd notice. When we save a schoolteacher's job, that unambiguously aids employment; when we give millionaires more money instead, there's a good chance that most of that money will just sit idle."

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Tax Cuts and BMWs
futureofcapitalism.com

One of the arguments President Obama and Paul Krugman make against extending the Bush tax cuts for higher-income individuals is that they would save the money rather than spend it. Here is President Obama: "what I've got is the Republicans holding middle-class tax relief hostage because they're insisting we've got to give tax relief to millionaires and billionaires to the tune of about $100,000 per millionaire, which would cost over the course of 10 years, $700 billion, and that economists say is probably the worst way to stimulate the economy." Here is Paul Krugman: "Isn't keeping taxes for the affluent low also a form of stimulus? Not so you'd notice. When we save a schoolteacher's job, that unambiguously aids employment; when we give millionaires more money instead, there's a good chance that most of that money will just sit idle."

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Chris Reiter

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