Raising tax rates on rich could help spread wealth, broaden economic strength, Atlantic magazine says
BUSINESS RECORD STAFF Aug 12, 2016 | 8:11 pm
1 min read time
170 wordsAll Latest News, Government Policy and LawThe presidential candidates have been discussing what to do about taxes, with a debate over the tax rates for the rich being part of the battle.
Atlantic magazine published a long historical analysis of whether Democratic nominee Hillary Clinton’s idea of raising taxes for the wealthy would spread economic benefits through the nation more than Republican nominee Donald Trump’s focus on across-the-board cuts and ensuring the rich pay “their fair share.”
There is plenty of evidence that raising the tax rate for the wealthy — which used to be double what it is now — would help broaden economic strength, the Atlantic reported. But that change is very touchy politically.
“The U.S. economy is becoming less entrepreneurial over time, suggesting that the wealthy aren’t creating new businesses with all that extra money that used to go to taxes,” the Atlantic reported. “And in the past, raising top tax rates hasn’t actually depressed economic activity or caused people to stash more money offshore. History also suggests that increasing top tax rates reduces inequality.”
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