Obama's tax plan
"Although Obama is offering a new series of tax breaks, they undermine rather than improve economic incentives. First, whether or not you get those breaks will depend on your income. In Washington, taking away tax breaks as families work harder to make more money is called a “phase-out.” Economists have a different name for it—we call it a tax. Reducing a person’s tax credit as his income goes up also reduces his incentive to earn more income."
Read the rest at The American.
Thanks Greg Mankiw.
Posted by Cultural Offering at 8/25/2008 3:59 PM 
Categories: TAXES, Presidential Issues 2008, Economy, Obama
Categories: TAXES, Presidential Issues 2008, Economy, Obama
Comments