Saturday, October 12, 2013
Is the IMF changing its tune?
Its basic advice to nations in trouble has been "cut expenses". However in its latest Fiscal Monitor report, it writes "Scope seems to exist in many advanced economies to raise more revenue from the top of the income distribution." The report goes on to postulate that taxing the rich even at the same rates during the 1980s would
reap fiscal revenues equal to 0.25 percent of economic output in the
developed countries. And in the U.S.A. that .25 percent could increase to 1.5 percent.
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