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Category Archive for 'Taxation'

Let the Food Fight Begin!

This research paper hit my desk this morning: Positive Long Run Capital Taxation: Chamley-Judd Revisitedby Ludwig Straub, Ivan Werning  -  #20441 (EFG PE)Abstract:According to the Chamley-Judd result, capital should not be taxed inthe long run.  In this paper, we overturn this conclusion, showingthat it does not follow from the very models used to derive them.For […]

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The world emits about 35 billion tons of carbon dioxide each year (this is from a warmist site). The US “contribution” to this amount is about 6 billion(this is a high end estimate). US emissions have been flat for two decades. The highly reliable IPCC estimate is that a ton of CO2 does about $30 […]

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He just wants to fix it. No comments from this peanut gallery. But Scott Sumner hits a 600 foot homer, do read the whole thing: Here’s what Yglesias misses. Unequal consumption matters because of opportunity cost—another bedrock of economics. The resources that went into that $200 million yacht could have produced lots of other goodies […]

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Readers who are following the adulation of Thomas Picketty’s Capital in the 21st Century do not need much information about the book.  One major theme of the book is that if the rate of return on “capital” exceeds the overall rate of return in the entire economy, then it follows that the rich and elderly gain in […]

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Let me offer a few simple, cranky, thoughts on taxes today. (1) I like to believe I am not the dumbest person on the planet. I also happen to be a professional economist. And I have absolutely NO IDEA going into the year how much in tax obligations I owe to the government at all […]

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That would be people like my wife who continue to work. Here is how her income is taxed: Federal tax rate of 28% (her wage puts us in this bracket) State tax rate of 6.5% Social security – her “share is 7.65%, her employer pays 7.65%, but since we know that the incidence of this […]

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It is typically asserted that on utilitarian grounds we can and should redistribute wealth from the richer to the poorer. On its face and all-alone the argument makes some sense. The argument goes like this: since there is diminishing marginal utility of wealth, a dollar to a rich person is worth less than a dollar […]

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Top Marginal Tax Rates, A Brief Note

One often hears the claim that, “top marginal tax rates were once 90% and the US grew like gangbusters.” One may have also heard the expression, “the optimal top marginal tax rate is 70%.” With regard to the first claim – let’s ignore the macroeconometric problems with making such assertions. We can also ignore the […]

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Let’s tax corporations more. After all, they have plenty of profits. OK, I agree. Then I hope you all get on board with the following proposal. Let’s impose a 10% tax on all “schools’” revenues. After all, schools, especially places like where I work, take in BILLIONS of dollars of revenue. They employ and they […]

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Try this on for size: Evidence indicates that the price elasticity of demand for labor is quite high, at least 3. That is, an increase in average wages of 1% would lead to at least a 3% decline in the number of hours of work demanded by employers. Labor economists believe, however, that the price […]

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