Intelligence Squared US hosts a debate on whether the rich are taxed enough in the United States.
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?
*Panelists subject to change
Moderator: John Donvan
Author & Correspondent
Dean, Columbia Business School
Known as "The Father of Supply Side Economics."
Former Member, President Reagan's Economic Policy Advisory Board
Chancellor's Professor of Public Policy at UC Berkeley and former Secretary of Labor
Chief Economist of Moody's Analytics
John Donvan is a correspondent for ABC News Nightline. He has served as ABC White House Correspondent, along with postings in Moscow, London, Jerusalem and Amman.
R. Glenn Hubbard
Glenn Hubbard is dean and Russell L. Carson Professor of Finance and Economics at Columbia Business School. He is also a research associate of the National Bureau of Economic Research. In addition to writing more than 100 scholarly articles in economics and finance, Hubbard is the author of two leading textbooks on economics and co-author of Seeds of Destruction; The Mutual Fund Industry; The Aid Trap; and Healthy, Wealthy, and Wise. From 2001 to 2003, he was chairman of the US Council of Economic Advisers under President George W. Bush. He currently co-chairs the Committee on Capital Markets Regulation.
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.
Robert Reich is professor of public policy at the Goldman School of Public Policy at UC Berkeley.
He served in three national administrations; his articles appear frequently in The New York Times and The Washington Post, and he is a commentator for American Public Media's "Marketplace," heard on NPR.
Mark Zandi is an American economist and co-founder of Moody's Economy.com, a widely-cited source of economic analysis.
Robert Reich, Chancellor's Professor of Public Policy at the University of California at Berkeley, makes the case why the rich should pay more in taxes. He asserts that the richest 400 Americans have more wealth than the bottom 150 million Americans put together, and according to Reich, logic dictates that you raise taxes on the top.
R. Glenn Hubbard, dean of Columbia Business School and economic advisor to the Mitt Romney campaign, makes his closing case for why the rich should not pay more in taxes. Hubbard asks how will the country be better off if the rich pay more?