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The Flat Tax the U.S. Effectively Already Has

3129 Wrote: Dec 10, 2012 6:11 PM
Tax rates change people's behavior. How many people would take the risk of working off the record if the income tax rate was a 10% flat rate (excluding illegal immigrants, whose very presence, by definition, is a crime)? Viva la revolucion.

Harvard economist Greg Mankiw offered a unique observation following the release of the findings of a CBO study on the effective marginal tax rates that many Americans really pay on their incomes, after taking into account any government assistance they might receive and the income levels at which their welfare benefits phase out:

The Congressional Budget Office has a new study of effective federal marginal tax rates for low and moderate income workers (those below 450 percent...
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