In The WSJ, Larry Lindsey rebuts Tim Geithner’s claim that the wealthy should pay more taxes for the privilege of living in America:
If you go further back to the pre-Reagan days, when the top tax rate was 70%, the story becomes even more dramatic. Under the four presidents of that era, the income share of the top 5% was 16.8% and their share of the income tax was 36%. In other words, the share of income received by the top 5% has risen 28% and their share of income taxes has risen 64%.
Stated differently, based on the data provided by the Census Bureau and the Internal Revenue Service, the relative tax burden of the top 5% of American earners compared with the remaining 95% has grown from roughly three-to-one prior to 1980 to almost six-to-one today.At Forbes, Brian Domitrovic notes the half-heartedness of Tim Geithner’s corporate tax reform plan.
In Congress, US Rep. Ron Paul (TX) grills Ben Bernanke on the true inflation rate:
From Alhambra Partners, Joe Calhoun sees inflation undermining the recovery.
At The American, James Pethokoukis introduces the Krugman Curve to compete with the Laffer Curve.
On Zero Hedge, Tyler Durden confirms Iran’s move to accept gold in place of dollars for oil.
The Huffington Post reports the poor struggling with rising food prices.
At RCP, Debra Saunders notes Newt Gingrich’s low gas price advocacy.
On TGSN, Ralph Benko recounts creation of the First Bank of the US.
At Grant’s Interest Rate Observer, James Grant suggests the price of gold for convertibility should be $2,500 (h/t: TGSN).
On The Kudlow Report, former Fed Governor Kevin Warsh critiques Fed policy:
From The American, James Pethokoukis defends the Reagan economic miracle.
In US News, Jeff Bell advocates social conservatism.
At Forbes, Steve Forbes predicts war with Iran.
Pethokookis "In 1980, the top U.S. marginal income tax rate was 70 percent; today it is 35 percent. Yet the share of total income taxes paid by wealthier taxpayers has risen sharply. That is powerful evidence that the United States was on the wrong side of the Laffer Curve back in 1980."
ReplyDeleteNo, that's just plain not true. Taxes paid by the wealthy are lower now under Obama than they have been even before Reagan. And so the rest of his article crumbles with this lie.