Eduardo Porter, “Economic Scene” columnist for The New York Times, tells “Viewpoint” host Eliot Spitzer about his theory that everyone, not just the wealthy, will have to pay more in taxes in order to generate enough money to counteract income inequality.
“If you look at how effective taxes are at changing, at reducing inequality — they’re really not very effective anywhere. What’s really effective is spending,” Porter says. “If you have money, you can spend on programs to alleviate poverty, on programs to help kids — that’s what — if you look across the board, you know, Western Europe, Australia, New Zealand, Canada, you’ll see that most of the redistribution comes from the spending side.”
