Ultimately, unless we scale back entitlement programs far more than anyone in Washington is now seriously considering, we will have no choice but to increase taxes on a vast majority of Americans. This could involve higher tax rates or an elimination of popular deductions. Or it could mean an entirely new tax, such as a value-added tax or a carbon tax."And if you're looking for evidence that a counterfactual Romney presidency would be no guarantee of a low tax regime, Mankiw provides it: "An unwavering commitment to keep middle-class taxes low could be one reason the political process has become so deeply dysfunctional." Via Business Insider.
Image: The Harvard Voice
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