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March 16, 2007

Atlas Left a Big Tip

Arnold Kling

The IRS reports,


For tax year 2004...Taxpayers with an AGI of at least $328,049, the top 1 percent of taxpayers, accounted for 19 percent of total AGI, representing an increase in income share of 2.2 percentage points from the previous year. These taxpayers accounted for 36.9 percent of the total income tax reported, an increase from 34.3 percent in 2003.


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Matt writes:

You imply that the income-density curve is being smeared to the right under current policy.

There is a countervailing trend to smear the left side of the density curve to the left, re-establishing a gaussian distribution. (Principle of maximum economic efficiency). The result will be a new gaussian income density curve, broader and flatter, but just as efficient.

The risk is whether the economy can adjust at least as fast as the tax operator forces adjustment.


Posted March 17, 2007 12:58 PM
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