Lots of people are debating the argument that the US has taxes that are too high and that the current deficit will have to be cured by raising huge taxes.
Mankiw is the author of the leading text book on economics: http://gregmankiw.blogspot.com/
Check out his current post on our tax levels (permanent link): http://gregmankiw.blogspot.com/2010/03/taxes-per-person.html
What do you think. Are we overtaxed as a nation? And what's with the pundits that say we have the highest tax rates in ?world?... I haven't been able to find evidence on that assertion. If you count double taxation: Business max tax + Personal max tax (on dividends?) and you have a pretty good case for really high taxes, but eventually, really high taxes cause a shift in investment decisions into muni's etc. US people in the highest income levels have surprisingly low overall tax rates...
BUT as Laffer would tell ya, you put enough taxes on the golden goose and eventually it stops producing golden eggs. And the federal deficits are massive storm clouds hanging over the US and the World economies. That'z really no Laughing matter. EH.
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