Econ Comments & Analysis
WSJ | Britain's Missing Millionaires
A funny thing often happens on the way to soaking the rich: They don't stick around for the bath. Take Britain, where Her Majesty's Revenue and Customs service reports that the number of taxpayers declaring £1 million a year in income fell by more than 60% in fiscal 2010-2011 from the year before.
Blogs
Greg Mankiw | The Gray Lady's Misleading Headline
Over my coffee this morning, I read the following headline on the front page of The New York Times: "Complaints Aside, Most Face Lower Tax Burden Than in the Reagan ’80s." Below it was a graphic comparing average tax rates for various income groups in 1980 and 2010.
AEI | After 30 years, The New York Times admits Reaganomics worked
According to an analysis by The New York Times, the combination of all income taxes, sales taxes and property taxes took a smaller share of their income than it took from households with the same inflation-adjusted income in 1980.
Greg Mankiw | Why the President is Not So Keen on Just Limiting Deductions
From the White House blog. Bottom line: If you apply a $25,000 deduction cap only to households with income above $250K, phase in the cap gradually as income rises above $250K, and exclude charitible giving from the cap, you increase revenue by only $450 billion over ten years.
Tax Foundation | The Tax Rate Paid by the Top 1% Is Double the National Average
The average federal tax rate for all taxpayers rose slightly in 2010 to 11.81 percent, up from 11.06 percent the previous year. The tax rate paid by individuals with incomes in the top 1 percent averaged 23.39 percent, while all filers in the bottom 50 percent paid an average tax rate of 2.37 percent, according to our newest analysis on the distribution of federal income taxes.
