Greg Mankiw Says We Have to Tax the Middle Class More

That is the explicit argument in his NYT column today. What is more interesting that what he says is what he doesn't say. There is no mention whatsoever of the possibility of taxing Wall Street, an idea that is now being pushed even by the International Monetary Fund. The U.K. raises between 0.2-0.3 percent of GDP on tax that only hits stock trade, leaving options, futures, and other derivative instruments unaffected. This would be roughly $500 billion over the course of a decade in the Unite...