Intelligence Squared Debates
The Rich Are Taxed Enough
How do we fix the economy? The US government’s budget deficit is nearing a trillion dollars for the fourth straight year and unemployment remains high. With the Bush-era tax cuts that are set to expire at the end of 2012, what is the best move for continued economic recovery? President Obama says we should raise taxes on those making more than $250,000 to reduce the deficit. Others say that the richest one percent already pay more than a quarter of all federal taxes and higher taxes for job creators would slow economic growth. Are the nation's wealthiest not paying their “fair share,” or should tax breaks be extended for everyone in the name of job creation?
John Donvan, Author & Correspondent, ABC News
Glenn Hubbard, Dean, Columbia Business School
Arthur Laffer, Known as “The Father of Supply Side Economics.” Former Member, President Reagan's Economic Policy Advisory Board
Robert Reich, Chancellor’s Professor of Public Policy at UC Berkeley and former Secretary of Labor
Mark Zandi, Chief Economist of Moody’s Analytics