Sunday, January 29, 2012

Quotation for Today: Potholes, Dirtier Air and the One Percent

As the 2012 president campaign races full-throttle ahead, one of the major issues will be that of the tax rates levied on the wealthiest Americans.  Today's quotation, across the break, provides insight into that question.

"Surveys indicate that most voters now favor higher taxes on the rich. But many wealthy people are determined to hang on to their tax cuts, and because recent changes in campaign finance law have greatly increased their political leverage, they may prevail. If so, however, it could prove a hollow victory."
Robert H. Frank

Robert H. Frank, an economics professor at Cornell University's Johnson Graduate School of Management, examines the effects of raising the tax rate on the rich.  

In his New York Times article, Professor Frank discusses the concept of cognitive illusion and how it affects our views on taxes. The link to Professor Frank's article is provided in the following citation.

Frank, Robert H. "Economic View: Higher Taxes Help the Richest, Too." The New York Times, 28 January 2012: online edition.

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