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Robert Reich: Don’t Listen to Wall Street — Taxing the Rich is Good for the Economy
Former Labor Secretary Robert Reich, a professor at the University of California, Berkeley, joins “Viewpoint” host Eliot Spitzer to skewer the oft-repeated idea that raising taxes on so-called job creators will hurt the economy.
“The reality is this: There is no correlation at all between raising taxes on the rich and slowing the economy,” Reich says. He cites the period between World War II and 1981, when taxes were higher and the economy grew, as well as the economy’s growth under President Clinton, who raised taxes.
Of the Wall Street CEOs who are lobbying Congress to lower corporate taxes, Reich comments: “The idea that somehow they need more cash is absurd.”