OECD: Wealthy Americans should pay more taxes

An international group of economists is recommending that the United States adopt policies that would make higher-income Americans pay more in taxes to help boost the U.S. economy. The 50-year-old Organization for Economic Cooperation and Development favors eliminating some tax breaks for high-income individuals on mortgage interest and health insurance. It also proposes reducing tax breaks corporations receive when they borrow to make investments. Some of the ideas the group advocated in its latest survey have been championed by the Obama administration. The Paris-based group also endorsed job-training proposals in the administration’s 2013 budget and praised its efforts to expand mortgage modification programs to combat foreclosures. The OECD tends to advocate left-leaning economic policies. The endorsements are unlikely to sway Republicans in Congress who have opposed proposals the Obama administration has pushed. The group is composed of professionals from 34 of the world’s leading industrialized nations, including the United States. In the U.S. economic survey results released today, the OECD also says America “should do more to foster innovation and provide more equitable access to high-quality education in order to maintain its status as the world’s most vibrant and productive economy.” See an overview of the report and access it in its entirety here.