The Impact of Higher Taxes: More Spending, Economic Stagnation, Fewer Jobs, and Higher Deficits


 

Publication Date: February 1993

Publisher: Heritage Foundation (Washington, D.C.)

Author(s): Daniel J. Mitchell

Research Area: Banking and finance

Keywords: Taxes

Type: Report

Coverage: United States

Abstract:

Americans who will benefit from new or expanded programs are clamoring for higher taxes. Feigning concern for the economy as a whole, they say that raising taxes will reduce federal red ink and spur economic growth. Yet the record shows exactly the opposite. No honest lawmaker familiar with this record can vote for a tax increase while claiming to be acting in the interests of ordinary Americans.