Economic Story Hour

IN OCTOBER, DAVID Leonhardt of The New York Times published an animated chart that was supposed to show how much less progressive American tax rates had become since 1950. Back then, the animation said, the marginal income tax rate on top earners was 70 percent; now it’s only about 23 percent. Meanwhile, the rate paid by the poorest Americans had gone up.

Many people retweeted the chart, including presidential candidate Elizabeth Warren. But not everyone was impressed. Economists on both the left and the right noted that the scholars behind the estimate, Gabriel Zucman and Emmanuel Saez, did not account for transfers, such as the Earned Income Tax Credit or Social Security benefits, and that they made debatable assumptions about who bears the burden of corporate taxes. Others took issue with how Zucman and Saez calculated income. Most other

Anda sedang membaca pratinjau, daftarlah untuk membaca selengkapnya.

Lainnya dari Reason

Reason1 mnt membacaAviation & Aeronautics
Though Liftoff’s subtitle is Elon Musk and the Desperate Early Days That Launched SpaceX, it’s much more about the latter than the former, and thank goodness. Musk is a fascinating character and the “Avengers assemble!” early chapters on the hiring o
Reason5 mnt membacaCrime & Violence
Rethinking the Power To Take a Life
AGRUESOME COINCIDENCE HAS made Maurice Chammah’s Let the Lord Sort Them: The Rise and Fall of the Death Penalty timely. In the final months of Donald Trump’s presidency, shortly before this book was released, the Justice Department rushed through eig
Reason18 mnt membacaAmerican Government
The Era of Small Government Is Over
IT WAS A full quarter-century ago when President Bill Clinton delivered one of the few quotable State of the Union addresses in American history. “The era of big government is over,” he proclaimed on January 23, 1996. It was more of a political state