Of course, all this does not imply that increasing taxes has a magical effect all by itself. The benefits of higher taxes are derived from government investments in things like education, health care, research, and transportation infrastructure. Countries that tax appropriately to benefit the public are better off than countries where more national wealth is diverted into private profits.
The only national presidential candidate who seems to understand the real impact of taxes on the economy is Jill Stein of the Green Party, who has consistently criticized the Obama/Romney tax giveaways. Stein would address the deficit by raising twice as much in revenue as she would cut - which is the reverse of the Obama approach. Stein's "Green New Deal" would make the federal investments needed to tackle our unemployment, health care and energy problems, while keeping our tax levels well below those of the most successful economies of the world. In contrast, the austerity budgets of Obama and Romney would let urgent problems fester while bringing our tax levels closer to Senegal, Cameroon, and Azerbaijan. No wonder they won't allow Jill Stein into the debates. When voters hear her speak, it becomes much harder to sell the Obama/Romney approach.
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