No matter what party you belong to, soon the fiscal cliff will be upon us.
In Necessary but Not Sufficient: Why Taxing the Wealthy Can’t Fix the Deficit, Third Way busts the myth that deficits can be solved by only taxing the rich.
If we don’t touch entitlements and we do soak the rich, our annual deficit in 2040 will be a staggering $3.3 trillion (in 2012 dollars). While some Democrats, like President Obama, have called for a balanced plan, too many in the base of the Democratic Party and the progressive movement claim that boosting taxes on the wealthy will largely fix our budget woes. As the data shows, that’s simply wrong.