The New England Journal of Medicine has called for a new tax on high-income individuals and businesses, arguing it would help address the nation’s debt crisis and help the U.S. meet its obligations.
The paper’s editorial board, which includes co-author Dr. Timothy Jost, argued that the country’s economic recovery would be significantly weakened if lawmakers and the public were forced to pay more in taxes.
“The United States should be doing everything in its power to lower taxes on all Americans, regardless of their income or income bracket,” the editorial board wrote.
“The tax burden on the wealthy should be substantially reduced and taxes on high earners should be significantly increased.
Tax increases would be counterproductive.”
The board’s endorsement came amid growing calls for Congress to increase the federal income tax rate to as high as 35 percent.
It also follows a letter sent Wednesday to Senate Majority Leader Mitch McConnell and President Donald Trump, urging them to push for a lower tax rate and an increase in the estate tax, which could amount to as much as $1 trillion over 10 years.
The New York City Council voted Wednesday to begin a series of hearings on the issue, which it hopes to have in place by the end of next week.
The committee, which will begin its work on Wednesday, will include officials from the New York State Department of Taxation and Finance and the New Jersey Department of Financial Services.