Prioritising tax cuts for the better off while letting children bear the brunt of financial hardship is not only cruel, it makes no financial sense
Scooped by Graham Watson |
The Observer makes the case for an incoming Labour government to alter the focus of tax policy: away from tax cuts for the rich and in favour of measures to reduce child poverty, arguing that not only is there a moral imperative but that it makes economic sense too, not least given shaming levels of child poverty.
It's an interesting argument and revolves around one of the fundamental questions that underpins contemporary economic thought. Incentives.
Free market economists will tell you that lowering taxes on the rich incentivizes them to work harder and be more innovative; equally, offering more support to the poor reduces the incentive for them to 'strive'. And yet, it's taken for granted that the MPC of the latter is higher than the MPC of the former, so increasing their incomes is likely to have more of an effect on consumer spending and thus aggregate demand.
That, in a nutshell, is the central policy dilemma - demand-side v supply-side; rich versus poor
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