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Tuesday, January 31, 2012

Taxes

News                                                                                                                             
CNN Money | Obama's tax record
Republicans portray President Obama as the tax-hiker-in-chief. Obama portrays himself as a tax cutter for the masses but not the rich. The truth isn't so cut and dry.

Econ Comments & Analysis                                                                                            
Washington Times | Obama’s odd sense of fairness
In his State of Union address, President Obama said millionaires should pay a minimum of 30 percent of their income in taxes. The 30 percent number seems to have come from divine inspiration rather than an exercise in logic.

Blogs                                                                                                                             
Greg Mankiw | How much would a Buffett Tax raise?
Obama’s still-vague Buffett Tax would apparently impose a minimum 30 percent tax rate on incomes exceeding $1 million. With economic growth, the 10-year total might optimistically be $600 billion to $700 billion. It would be a tiny help; that’s all.
Atlantic | Differences in Work and Leisure Across Countries
An apparent paradox that frequently puzzles journalists is that Europeans work fewer hours than workers in the United States, while in some countries, hourly productivity appears to be the same, or even higher, than that of American workers.
CATO | Lower Tax Rates Are the Best Way to Reduce Tax Evasion
Simply stated, people respond to incentives. When tax rates are punitive, folks earn and report less taxable income, and vice-versa.