However, Peterson argues otherwise. He proposes, with support from the likes of Warren Buffet and Paul Volcker, an income tax rate of 30% on the wealthy. According to Peterson, such tax hikes on the opulent proportion of the population have previously been implemented during the administrations of Bill Clinton and George H. W. Bush in the 1990s, which led to a fiscal upsurge by causing budget surpluses for four years. He further proclaims that because many people on Wall Street concur with his policy of raising taxes to generate revenue, a tax uplift will not debilitate the economy, but rather will demonstrate the wealthy effusively committing to solving America’s debt crisis (Peterson 2015,
However, Peterson argues otherwise. He proposes, with support from the likes of Warren Buffet and Paul Volcker, an income tax rate of 30% on the wealthy. According to Peterson, such tax hikes on the opulent proportion of the population have previously been implemented during the administrations of Bill Clinton and George H. W. Bush in the 1990s, which led to a fiscal upsurge by causing budget surpluses for four years. He further proclaims that because many people on Wall Street concur with his policy of raising taxes to generate revenue, a tax uplift will not debilitate the economy, but rather will demonstrate the wealthy effusively committing to solving America’s debt crisis (Peterson 2015,