Monday, May 03, 2010

US economy seems to work better with high marginal tax rates

Ian Welsh:

Top Marginal Tax Rates
2010 May 2
by Ian Welsh

Because there seems to be some confusion, here’s a chart of the top marginal income tax rates. *

Top Marginal income tax rates

You’ll notice that as the rate has dropped, the economy has worked worse and worse for ordinary people. Correlation (though I believe strongly in causation in this case) but also it shows that high marginal progressive tax rates do not hurt the economy, contrary to what some think.

(*35% is still the top rate as of this writing).

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