But the first paragraph refutes the headline: "Allowing income tax rates to rise for wealthy Americans would not hurt U.S. economic growth much (emphasis added) in 2013 ..." The CBO did not say, as the headline suggests, that raising taxes on the rich has no negative economic effect. In fact, the CBO actually said that extending the Bush-era rates for all would increase economic growth by 1.5 percent. If, however, the Bush era rates expired for the rich -- but...
Everyone assumes that any increased revenue gained by raising taxes on the rich will be spent to reduce the national debt. Not gonna happen. Anyone that know anything at all about Washington knows that that money can only support the government for about two weeks and will be spent on everything but the debt.
Consider this headline from a Reuters article in The Huffington Post: "Raising Taxes on Rich Won't Hurt Economic Growth, CBO Says."
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