More Taxing Issues
Is Governor Paterson finally coming around? On Saturday, the New York Times reported that Paterson might consider raising taxes on New Yorkers who benefited most from the state's economic growth. But the Governor's economic logic is still askew. He insists a broad-based tax increase on the wealthy is a last resort, because " it automatically kicks in less job creation and leads to people leaving the state.”
I've already noted that Nobel-Prizewinning economist Joseph Stiglitz concludes that public spending cuts will harm job creation and economic growth more than raising taxes on the wealthy. Now the Fiscal Policy Institute has released a letter from more than 100 other economists who agree.