Friday, August 21, 2009

Quote of the day

Well, more an excerpt really:
In the three decades after World War II, when the incomes of the rich grew more slowly than those of the middle class, the top marginal rate ranged from 70 to 91 percent. Mr. Piketty, one of the economists who analyzed the I.R.S. data, argues that these high rates did not affect merely post-tax income. They also helped hold down the pretax incomes of the wealthy, he says, by giving them less incentive to make many millions of dollars.
Those millions of dollars they decided to forgo probably also translates into jobs that otherwise weren't created as well as products and services that weren't made or offered.

No comments: