The Rich Are Taxed Enough

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RichAreTaxedEnough

Wednesday, October 24, 2012

How do we fix the economy? The U.S. government's budget deficit is nearing a trillion dollars for the fourth straight year and unemployment remains high. With the Bush-era tax cuts that are set to expire at the end of 2012, what is the best move for continued economic recovery? President Obama says we should raise taxes on those making more than $250,000 to reduce the deficit. Others say that the richest 1% already pay more than a quarter of all federal taxes and higher taxes for job creators would slow economic growth. Are the nation's wealthiest not paying their "fair share," or should tax breaks be extended for everyone in the name of job creation?

Brought to you in partnership with the Richard Paul Richman Center for Business, Law, and Public Policy, a joint venture of Columbia Business School and Columbia Law School.  The Richman Center fosters dialogue and debate on emerging policy questions where business and markets intersect with the law. More Information
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  • Hubbard-web

    For

    Glenn Hubbard

    Dean, Columbia Business School

  • Arthur Laffer-web

    For

    Arthur Laffer

    “The Father of Supply Side Economics," Fmr. Member, President Reagan’s Economic Policy Advisory Board

  • Robert Reich-web

    Against

    Robert Reich

    Chancellor’s Professor of Public Policy at UC Berkeley & former Secretary of Labor

  • MarkZandiweb

    Against

    Mark Zandi

    Chief Economist of Moody's Analytics


    • Moderator Image

      MODERATOR

      John Donvan

      Author & Correspondent for ABC News

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Hubbard-web

For The Motion

Glenn Hubbard

Dean, Columbia Business School

Glenn Hubbard is Dean of Columbia Business School and the Russell L. Carson Professor of Finance and Economics. Hubbard is the author of two leading textbooks on money and financial markets and principles of economics, as well as co-author of The Aid Trap: Hard Truths About Ending Poverty and Healthy (2009), and Wealthy, and Wise: Five Steps to a Better Health Care System (2006). He previously served as Deputy Assistant Secretary at the U.S. Department of the Treasury from 1991 to 1993, and Chairman of the Council of Economic Advisors from 2001 to 2003.

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Arthur Laffer-web

For The Motion

Arthur Laffer

Known as “The Father of Supply Side Economics.” Former Member, President Reagan’s Economic Policy Advisory Board

Arthur Laffer is the Founder and Chairman of Laffer Associates, an economic research and consulting firm, and Laffer Investments, an investment management firm.  In the 1980s, his economic acumen and influence in triggering a tax-cutting movement earned him the distinction as “The Father of Supply-Side Economics.”  Laffer was a member of President Reagan’s Economic Policy Advisory Board from 1981 to 1989 and served as Chief Economist in the Office of Management and Budget from 1970 to 1972.

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Robert Reich-web

Against The Motion

Robert Reich

Chancellor’s Professor of Public Policy at UC Berkeley and former Secretary of Labor

Robert Reich is Chancellor’s Professor of Public Policy at the University of California at Berkeley. Reich was Secretary of Labor in the Clinton administration from 1993-1997. He has written thirteen books, including the best sellers Aftershock (2011) and The Work of Nations (1992). His latest is an e-book, Beyond Outrage (2012). He is also a founding Editor of the American Prospect magazine and Chairman of Common Cause. He writes his own blog about the political economy at robertreich.org.

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MarkZandiweb

Against The Motion

Mark Zandi

Chief Economist of Moody's Analytics

As Chief Economist of Moody’s Analytics, Mark Zandi directs the company’s research and consulting activities. Zandi’s recent research has studied the determinants of mortgage foreclosure and personal bankruptcy, analyzed the economic impact of various tax and government spending policies, and assessed the appropriate policy response to bubbles in asset markets. Frequently testifying before Congress, Zandi is a trusted adviser to policy makers on topics including the economic outlook, the merits of fiscal stimulus, financial regulatory reform, and foreclosure mitigation. Zandi received his Ph.D. at the University of Pennsylvania, where he did his research with Gerard Adams and Nobel laureate Lawrence Klein.

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Declared Winner: Against The Motion

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Voting Breakdown:
 

64% voted the same way in BOTH pre- and post-debate votes (19% voted FOR twice, 42% voted AGAINST twice, 4% voted UNDECIDED twice). 36% changed their mind (7% voted FOR then changed to AGAINST, 2% voted FOR then changed to UNDECIDED, 5% voted AGAINST then changed to FOR, 2% voted AGAINST then changed to UNDECIDED, 7% voted UNDECIDED then changed to FOR, 14% voted UNDECIDED then changed to AGAINST) | Breakdown Graphic

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    24 comments

    20|-
    • Comment Link mikeey Thursday, 01 November 2012 14:30 posted by mikeey

      rockin!

      who does not love a debate has no siblings

    • Comment Link Dave McCombs Wednesday, 31 October 2012 09:30 posted by Dave McCombs

      Hubbard's dishonesty is nothing short of spectacular. Even in the intro, instead of simply owning the obvious reality that he's partisan -- having worked for Bush and now Romney, while rather famously shilling for the financial services industry -- he drops some misdirection about working with former Sen. Bill Bradley and having some absurd claim on Obama's housing policy.
      As was noted by Miles, there was some muddying of the question and that was done, of course, by Hubbard. By absurdly claiming that his goal is to get wealthy people to pay more taxes by eliminating their tax credits, he's conceding the point that they are currently not paying enough in taxes. But instead of admitting that, he tries to claim that the question refers only to the tax rates. If the organizers wanted that to be the question, they would have written it that way: Rich people pay a high-enough tax rate.
      Hubbard, a prime mover in causing the 2007-2009 credit meltdown, is exhibit A for the notion that once you reach a certain level in political circles, you can be wrong over and over and over again, but still keep your job telling people how things are...

    • Comment Link trenton hanifin Tuesday, 30 October 2012 15:49 posted by trenton hanifin

      While I do enjoy the debate and the expertise that these debates have I do really wish that there was a better job framing the debate. this is as chronic a problem as people asking poor or off topic questions. maybe a separate section at which the debaters first have to say their interpretation of the motion, then any clarifications on its meaning and then, with a clear motion, the main debate can ensue without these kinds of problems.

    • Comment Link Miles Kelley Thursday, 25 October 2012 14:17 posted by Miles Kelley

      Excellent debate. I came in hoping to better understand the view of those I did not agree with, nor understand. Indeed I better understand both stances represented now.

      Unfortunately this debate, along with a few other recent IQ^2 debates, ended up getting muddied by the interpretation of the core question. The debate could have been better honed by specifying a clearer core proposition, and making it less up-for-grabs.

      That being said, thank you for another excellent debate. I watch them all, and don't know where I'd be without this service!

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