“President Barack Obama’s Treasury secretary is defending proposed tax increases on the wealthy, saying they are necessary to limit future budget deficits. Timothy Geithner responded on Wednesday to Republican criticism that the administration wants to increase taxes during a recession. Geithner noted that tax increases on couples making more than $250,000 per year would not take effect until 2011.” (MSNBC ^[1], Thursday)

FEE Timely Classic:
“Cutting Marginal Tax Rates: Evidence from the 1920s ^[2],” by Gene Smiley