Truly Toxic Tax Boost

摘要

Democratic party presidential nominee barack obama wants to sharply increase Social Security taxes on upper-income earners, righteously declaring that "the rich can afford it." However, the economy can't.rnRaising the highest federal tax take on income to over 50% would slam the economy hard by punishing success. High tax rates have been the principal barrier to growth in western Europe. High-tax countries such as Germany and France consider themselves in a boom when their growth rates reach an anemic 2%.rnWeakening long-term economic growth seems a peculiar way to meet Social Security's gargantuan obligations to the 78 million baby boomers who are just starting to retire and draw benefits.