Hubbard, Glenn, “Left, Right and Wrong on Taxes,” The New York Times, 11/15/10

“To meet the nation’s fiscal challenges, we need to refocus our economic activity — primarily with less reliance on consumption and more on investment and exports. The Bowles-Simpson plan to cut marginal tax rates and the corporate tax would help.  …

… The proposal calls for taxes and spending to be capped at 21 percent of gross domestic product, which, while higher than I might design, is a serious suggestion worthy of debate. 

Second, it is not reasonable to argue that there is no single activity that can face higher taxation. If the economy must pivot toward investment and exports, tax policies must be changed to encourage productive investment over consumption.”