hopefully someone has a WSJ subscription to fill out this teaser
The economic growth of the 1950s, the '60s and the Clinton years had many causes. But one of them wasn't high marginal tax rates.
The economic growth of the 1950s, the '60s and the Clinton years had many causes. But one of them wasn't high marginal tax rates.
BY EDWARD CONARD
With the prospects for a postrecession economic rebound fading, it has grown increasingly obvious that the United States must eventually raise taxes or cut spending. President Obama claims we can raise taxes on those earning over $250,000, to avoid spending cuts with little, if any, effect on growth because growth was faster in the 1990s and in the 1950s and '60s when marginal income-tax rates were higher.
The evidence doesn't support Mr. Obama's conclusion.
President Clinton raised taxes in the 1990s and the economy grew. So does that mean it would grow today if we did the same thing?
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