Taxes and the Economy: An Economic Analysis of the Top Tax Rates Since 1945

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By Thomas L. Hungerford (au)
Year: 2012
Pages: 23
Binding Paperback
ISBN 978-1-4578-3950-4

Product Code: 1457839504

Description

Advocates of lower tax rates argue that reduced rates would increase economic growth, increase saving and investment, and boost productivity. Proponents of higher tax rates argue that higher tax revenues are necessary for debt reduction, that tax rates on the rich are too low, and that higher tax rates on the rich would moderate increasing income inequality. This report attempts to clarify whether or not there is an association between the tax rates of the highest income taxpayers and economic growth. Data is analyzed to illustrate the association between the tax rates of the highest income taxpayers and measures of economic growth. Throughout the late-1940s and 1950s, the top marginal tax rate was typically above 90%; today it is 35%. Additionally, the top capital gains tax rate was 25% in the 1950s and 1960s, 35% in the 1970s; today it is 15%. Contents of this report: Top Tax Rates Since 1945; Top Tax Rates and the Economy: Saving and Investment; Productivity Growth; Real Per Capita GDP Growth; Top Tax Rates and the Distribution of Income; Concluding Remarks. Tables and figures. This is a print on demand report.

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