Sooner or later the country will have to start discussing how to raise taxes–not by a little, but by a lot. Spending cuts will be needed too, of course, in Medicare, and in Social Security. But these cannot close the long-term fiscal gap by themselves. In this new column for National Journal, I spell out what it is going to take: some combination of a carbon tax, a broadening of the income-tax base, and a VAT. Yes, it’s unthinkable. Nonetheless, it’s coming.
© The Financial Times Ltd 2015 FT and 'Financial Times' are trademarks of The Financial Times Ltd.