I hope Greg Mankiw does not think I am picking on him, or trying to start some Internet war. The Above Post by him is very well written, and unaffected by future events, it would seem likily that Consumption taxes were the way to go. I have some difficulty with it.
Procivility forecasting would suggest that Income Taxes possess almost Six times the suppression of Tax rates, than do Consumption taxes which blend with the Cost of Products, and can be raised without wide Public notification. The suggestion of doubling the Savings rate with the use of Consumption taxation lacks for credence, with the standard practice of Retail raising of Prices to maximize Profit margins, plus the nuevo-rich complex. Negative pressures suggest taxation would increase, be more regressive, and apply Inflationary pressure to complementary taxes such as Property and Excise taxes.
Graphs do not make an Economy, and Tax formulas do not make good or fair Tax policy unless all pressures are considered. lgl