Peter Diamond and Emmanuel Saez (Wall Street Journal High
Tax Rates Won't Slow Growth) offer a beguiling Leftist narrative: The 1% will
cough up incremental tax revenue up to a 70 percent rate without cutting the
things they do to generate economic growth. We can then use their money to fund
“higher-return public investments” (such as Solyndra and the public-education black
hole?) without cutting back the entitlement state.
Although Diamond’s Nobel Prize and Saez’s J. B Clark Award make
them eminently credentialed, Alan Reynolds (Of
Course 70% Tax Rates Are Counterproductive) exposes the convoluted
contortions behind their counter-intuitive finding that a tax that leaves you 30
cents on every extra dollar does not affect your decisions to start a new
business, assume extra risks, or take on new clients. That’s a hard sell for anyone
who thinks about it.
Note that tax guru, Saez,
sings a less confident tune when he writes for fellow economists that: “There
are no convincing estimates of long-run elasticities of taxable income and
marginal tax rates.” My translation: “We
really do not know how taxable income responds to high marginal rates, but we
are guessing we can go up to 70 percent.” It pays to read the fine print before
making the purchase.
go to forbes.com to continue reading this post
Dr. Gregory's latest book can be found at Amazon.com.
Dr. Gregory's latest book can be found at Amazon.com.
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