President Obama’s prescription for higher taxes on high earners is a recipe for more economic stagnation, the conservative Tax Foundation argues in an analysis it released yesterday.
The foundation says allowing Bush-era tax cuts on $200,000-a-year-plus earners to expire, combined with higher estate and gift taxes and new limits on deductions, would lead to nearly $186 billion in lost income in New York over the next decade, including more than $10.1 billion next year.