New Taxes: Solution Out of Financial Crisis
Clive Crook, The Financial Times | January 19, 2009
The new US government has opted for raising taxes in an attempt to exit the financial crisis: a necessary step indeed considering the dangerous state of the economy as a result of the huge budget deficit accumulated during the Bush years. ++ The problem is that "the country has an idiotic income tax system" and as such it will not be sufficient to "fill more than a small part of the revenue hole." ++ Thus, rather than raising taxes, the introduction of new ones such as a carbon tax and national value added tax ought to be implemented.
