August 27, 2010
Do We Need a Tax Bracket for the Super-Rich?Huffington Post, Do We Need A Tax Bracket For The Super-Rich?:
(Hat Tip: Francine Lipman.)
Should someone who makes $400,000 a year pay the same effective tax rate as someone who makes $40 million a year? In a recent CNBC spot, two analysts took up the debate, which has taken on a new urgency as lawmakers and pundits ponder the Bush tax cuts and the mounting Federal deficit. ...
In the CNBC spot, Michael Linden, an expert at the progressive think-tank the Center for American Progress, argued the U.S. should add income tax brackets for those making $1 million, $5 million and over $10 million a year. While Daniel Mitchell, a fellow at the conservative think tank the Cato Institute, said the super rich should pay the same tax rate as the moderately rich, the middle class, even the poor.
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I wonder what percentage of the public agrees with charging very high tax rates (70% or more) on the highest incomes as a matter of fairness, even though these rates lose revenue by reducing reported taxable income in the top bracket. I'd bet it's at least 10% of the public, possibly even 20%. These are the people who have envy as a major part of their utility function. I'd bet that it's more than 50% among those who study income inequality.
Posted by: AMTbuff | Aug 27, 2010 10:23:03 PM