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Policymakers might face several obstacles when trying to implement Krugman's ideas on taxation and economic growth. Firstly, there might be opposition from wealthy individuals and corporations who benefit from current tax structures. They might use their influence to lobby against changes. Secondly, there could be public resistance due to misconceptions about how tax increases on the wealthy could impact the economy. Lastly, implementing such changes could be complex and require significant administrative and legislative effort.
Question was asked on:
Few doctrines have been so thoroughly tested and disproved as the claim that tax cuts for the wealthy are the secret of prosperity. It was tested when Bill Clinton raised taxes and presided over a substantial economic expansion and when George W. Bush's tax cuts resulted in lackluster growth followed by a collapse. Finally, when Barack Obama allowed Bush-era tax cuts to expire, the economy absorbed it quite well. Polls consistently show that voters want the rich to pay more, not fewer taxes. But all it takes is a few billionaires who are willing to spend a fraction of their wealth to foster this "zombie idea.'
Asked on the following book summary:
“Zombie ideas” simply refuse to die despite mountains of evidence to disprove them. How do you fight them? Paul Krugman, Nobel Prize winner in Economi...
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