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FORMER ROMNEY ECONOMIC ADVISOR: The First Step Is To Raise Taxes On The Rich...

Posted by on Nov. 13, 2012 at 1:09 PM
  • 3 Replies

Now that the election is over, more and more names on the right can come out and say: We need to raise taxes.


Glenn Hubbard, the Columbia Business School dean who was one of Romney's top economic advisors, has a piece in the FT on how the US can void falling into the fiscal cliff.

It's pretty sensible. He talks about ways to raise revenue (in a way that places more burden on those who can afford it) and he proposes a gradual shift in spending, rather than sharp austerity.

His first step: Raise taxes.

Says Hubbard:

...The first step is to raise average (not marginal) tax rates on upper-income taxpayers. Revenue increases should first come from these individuals. This means closing loopholes. For instance, the Bowles-Simpson commission, which Mr Obama established, has proposed limiting tax preference benefits for upper-income households. Also, Martin Feldstein of Harvard University and Maya MacGuineas of the Committee for a Responsible Federal Budget have suggested caps on the amount of deductions relative to a taxpayer’s income. These ideas are good places to begin.

Read the whole thing >



Read more: http://www.businessinsider.com/glenn-hubbard-fiscal-cliff-proposal-2012-11#ixzz2C8S1YZUQ

by on Nov. 13, 2012 at 1:09 PM
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Replies (1-3):
Pema_Jampa
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Please send me a email! I just love sharing them in the group for all to see. Pretty please..
Yesterday at 11:04 PM
by 2HotTacoTini on Nov. 13, 2012 at 1:10 PM

Well well now...

_Kissy_
by on Nov. 13, 2012 at 1:12 PM
1 mom liked this

Maybe Romney should of listened to him. Then maybe he would be the one being inaugurated on 1/20..

Maman9
by on Nov. 14, 2012 at 1:38 PM

I can say from my marketing and communications work in NYC post-academe that Hubbard does listen to and understand sound reasoning. This is from my work with anti-eminent domain efforts regarding Columbia expansion into Manhattanville. He was one of the academics at CU that various factions sent materials to save businesses and residences on the radar. The university has mostly prevailed. There were only a few other older, mostly tenured faculty and staff that openly opposed Bollinger (of UMich fame, a closeted bigot).

Another ex-Romney staffer defected and made the film WHEN MITT ROMNEY CAME TO TOWN for a  pro-Gingrich SuperPAC.

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