Saturday, December 29, 2012

Pay now or pay (much more) later - Here's Greg Mankiw in the NY Times "Wishful thinking and middle-class taxes."  "Ultimately, unless we scale back entitlement programs far more than anyone in Washington is now seriously considering, we will have no choice but to increase taxes on a vast majority of Americans. This could involve higher tax rates or an elimination of popular deductions. Or it could mean an entirely new tax, such as a value-added tax or a carbon tax."  The money has to come from somewhere.

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