The Fantasy of a 91% Top Income Tax Rate

Peter Schiff: The Fantasy of a 91% Top Income Tax Rate – WSJ.com.

Peter Schiff parses the historical facts on the incidence of the US income tax; by incidence, I mean the actual taxes that one pays as a function of his or her actual income.  By doing so, he corroborates an important fact, which is that the US already has in place one of the more progressive personal income tax systems in the world (for further evidence to this effect, see Table 4.5 of the Tax Foundation article entitled “No Country Leans on Upper-Income Households as Much as U.S.”).  Furthermore, Schiff notes that “A liberal article of faith that confiscatory taxes fed the postwar boom turns out to be an Edsel of an economic idea.”

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