What we need here is a dynamic general equilibrium model that can take account of the short run and long run effects of a change in the income tax schedule.
What we really need is an entirely different tax system -- one that raises the necessary funds in a way that is not inimical to economic growth.As for "fairness" -- which is a perfectly just and reasonable demand -- it ought to be a judgement made of the behavior of the government overall, and not with regard to each and every bone and sinew. (I am obviously plumping for some sort of consumption tax that would replace almost everything else, and be limited, except in extraordinary times, to a fixed percent of national income.)
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