World’s Wealthy Tapped for Cash as Governments Tax High Incomes
(Business Week) — From Athens to Olympia, Washington, governments made poorer by the recession are looking to higher taxes on the rich for cash. Spain’s wealthiest should be tapped to help close the euro region’s third-largest budget deficit, Prime Minister Jose Luis Rodriguez Zapatero said yesterday. The U.K. has boosted taxes on high earners and French and Swedish politicians are calling for the same. The top U.S. tax rate is set to rise in 2011, while at least 14 states have lifted rates or are considering increases.
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