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...will only be accepted as the cost of inaction rises. "Congress only responds to financial crisis or some other external shock," says Bill Gale, co-director of the Tax Policy Center in Washington. "Nothing will be done in Obama's first term to substantially increase tax revenue." (See the top 10 bankruptcies...
Last year British Prime Minister Gordon Brown raised his country's top marginal rate for income tax to 50% from 40%. This came on the heels of a decision to borrow more than $1 trillion over the next five years, bringing his country's public debt to 79% of GDP by 2013. There has been the expected backlash from the superrich, but the majority of Brits don't seem to mind so much...
...similar strategy for managing a growing mountain of debt on this side of the Atlantic might work, with Washington increasing the top tax rate, say, from 35% to 45%. At the same time, rates could be increased by a smaller amount in lower brackets...
From a historical perspective this makes a great deal of sense. Consider that the top marginal rate peaked at 94% in the final years of World War II. It remained above 90% for most of the 1950s, and held steady at 70% during the 1970s. Republican Ronald Reagan emerged as the great tax buster, shaving the top bracket to a mere 28%. (During his presidency the rate in the bottom bracket increased by a point...
...top 10 financial-crisis buzzwords...