Romney Adviser Calls for Raising (Some) Taxes

November 14, 2012
Categories: Budget & Taxes

Former Romney economic adviser Glenn Hubbard explains how he would solve the “fiscal cliff” and, in a sign of potential room for compromise, includes increased revenue front and center.

“The first step is to raise average (not marginal) tax rates on upper-income taxpayers. Revenue increases should first come from these individuals. This means closing loopholes. For instance, the Bowles-Simpson commission, which Mr Obama established, has proposed limiting tax preference benefits for upper-income households. Also, Martin Feldstein of Harvard University and Maya MacGuineas of the Committee for a Responsible Federal Budget have suggested caps on the amount of deductions relative to a taxpayer’s income. These ideas are good places to begin.”

Additional ideas: “The second step would be to agree to a package of expenditure reductions to occur over the next 10 years… The third step is both fundamental and difficult: it is to realise that a strategy of ‘taxing the rich’ cannot pay for the entitlement state. If we wanted a larger government as a share of GDP, we would have to raise taxes substantially on everyone.”

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