I was (briefly) a guest on a BBC World Service radio program this morning discussing Obama’s state of the union speech and income inequality in general. To my mind, this has always been a no-brainer. My argument is: we’ve done this experiment (of lowering taxes on the rich) twice now, once in the 1920’s and again in the 1980’s (and doubled-down in 2000). We have also done the control experiment. Between 1945 and 1980 top marginal tax rates in the U.S. ranged from 70 to 90%.
The results are clear: high marginal rates correlate with broad-based economic prosperity and an expanding middle class. Low marginal rates correlate with extreme income inequality, reduced prosperity overall, and ultimately, economic catastrophe.
Friday 27 January 2012
Yes, you can make money without exploiting the poor, but... ☀
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