‘In other words, the employee and employer would no longer get a deduction under the Gale plan, they would qualify for a credit. And the credit would “increase [government] revenues by about $458 billion,” Gale says.’
An economist is making a prediction about how much money the gov’t is going to make off of us by introducing a new tax. I wonder if he accounts for the change in behavior we’ll make to counter his tax increase?
It would also tank the equities markets. People would bail out in droves.
The man is insane.