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...
Please don't EVER suggest ANY SORT of a VAT> This is taxation gone wild. Sure it raises revenue, but it also raises prices, and the VAT is pretty much hidden. The Fair Tax is superior to ANY system of funding a government. And THAT is what a system of taxation is for-funding the government, and NOT as a means to reward or punish, as our current income tax code is used.
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