June 1, 2012 | 4 comments
November 2, 2011 | 7 comments
December 16, 2010 | 5 comments
December 13, 2010 | 10 comments
November 17, 2010 | 10 comments
Oh, do the rich pay more. Or as he says, here’s “the progressivity of the tax system.”
The CBO has released a new report on effective tax rates (total taxes divided by total income). Compared with previous reports, it includes more information about thin slices at the top of the income distribution. Here are the total effective federal tax rates for 2005, the most recent year available:
Lowest quintile: 4.3 percent
Second quintile: 9.9 percent
Middle quintile: 14.2 percent
Fourth quintile: 17.4 percent
Percentiles 81-90: 20.3 percent
Percentiles 91-95: 22.4 percent
Percentiles 96-99: 25.7 percent
Percentiles 99.0-99.5: 29.7 percent
Percentiles 99.5-99.9: 31.2 percent
Percentiles 99.9-99.99: 32.1 percent
Top 0.01 Percentile: 31.5 percent
In other econ news, the Mercatus center—or what the WSJ called a “Thundering fortress of deregulatory theory”—at George Mason University has started the ‘Financial Markets Working Group,’ to clarify some of the current misunderstanding about how market economics works, and to contribute to the current crisis by providing their experts’ research.
Ongoing financial market turmoil is leading policy makers and the public to contemplate increasingly complex regulation - in other words, crisis will lead to action. But without a sound understanding of both the causes of recent instability and the effects of proposed policies, action is likely to lead to unintended consequences and undesired outcomes. The Mercatus Center’s Financial Markets Working Group will lead the effort to inform forthcoming policy debates with rigorous economic analysis through credible academic research.
Read and be enlightened.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?