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Why Taxing High-Income Residents is Better than Budget Cuts and Better for Economic Growth
04/09/2009 - 3:00pm
On Thursday, April 9th at 2:00pm EST, Progressive States Network hosted a national conference call for state legislators and advocates discussing why taxing high-income residents is better than budget cuts and better for economic growth.
Across the country, state leaders are looking to raise new revenue from high-income residents to avoid budget cuts and fund needed investments for long-term economic recovery. Ignoring tired rhetoric about the panacea of tax cuts for economic growth, nationwide policy leaders are instead raising taxes on high-income residents to fund greater investments in public needs.
Speakers on the call discussed how legislative leaders and advocates in New York and other states came to raise income taxes on their wealthiest residents to help close their budget gap and how similar measures can work elsewhere. They also highlighted research showing that raising taxes is far preferable for economic growth than budget cuts.