Yes, raising progressive taxes will mean a little less money sloshing around in the economy to drive consumer spending. But if that money turns around and funds health services, I think it's a wash. Also, health services are provided by U.S. taxpayers. Flat-screen TVs are built in China.
Check out this graph (via EK):
Without two unnecessary wars, military spending is on a decline. But health services is right there to pick up the slack.
We can be a low-tax, low-services nation or we can be a high-tax, high-services nation. We cannot be a low-tax, high-services nation. And let's be clear, Americans expect their services.
Increased (progressive) taxation is the only way to keep our republic (and its citizens) healthy.
2/2/10
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