If numbers could persuade me that raising that rate injured job creation, I would reconsider my belief that the wealthy should pay more — because job creation is issue one. On the other hand, if the record established that raising the top marginal rate did not in any way injure investment and job creation, then those who have been unalterably opposed should be forced to reconsider their views as well. Analysis trumps ideology.
And we now have the analysis — a fascinating report just issued by the Congressional Research Service. The CRS is a nonpartisan entity that produces academic quality research to answer tough policy questions; its reports are put through a process of rigorous analysis before they are released. The bottom-line conclusion of the CRS report is this, and I quote:
“The reduction in the top tax rates appears to be uncorrelated with saving, investment and productivity growth. The top tax rates appear to have little or no relation to the size of the economic pie. However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution.”
Watch Eliot Spitzer and Bill Maher talk about the right-wing media bubble tonight at 8E/5P on Current TV.