The Income Mobility of Millionaires
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Hate the rich? Don’t worry, most of them won’t be rich for long. Only about 6% of millionaires manage to stay millionaires for 9 years or more.
The Buffett Rule is Unfair (and I Oppose It)
President Obama is proposing a new principle: the “Buffett rule”
President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.
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Why 70% Tax Rates Won’t Work
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Alan Reynolds is great in explaining the income tax facts of life. Higher tax rates on the rich do not bring in nearly as much revenue as lower tax rates. It’s important to emphasize that tax rates are not the same as tax revenues. Higher rates do not automatically bring higher revenues. In fact, historically, …
Are Income Tax Rates the Problem?
Income tax revenue, as a share of GDP, has stayed fairly constant throughout the past 50 years. Raising taxes on “the rich” won’t do much to solve the deficit problem.
I had to cut your hours because of the minimum wage
The minimum wage isn’t bad because it hurts employers. It’s bad because it hurts the employees that employers can no longer afford to pay.
Minimum Wage Hurts the Marginal Employees the Most
The minimum wage isn’t bad because it hurts employers. It’s bad because it hurts marginal employees.
An example of private property helping the poor
I finished listening to an old EconTalk podcast, during my commute this morning. Russ Roberts was talking to Karol Boudreaux about her fieldwork on property rights and economic reforms in Rwanda and South Africa. They spent the first half of the conversation talking about Rwandan reforms and the second half talking about South African reforms. …
Who Are the Rich?
David Bernstein talks about the rich:
My friends in this income bracket [$250-380K] tend to have have high mortgages, work 60-80 hours a week, pay 40-50K or more a year for child care (a nanny is necessary when you often work into the late evening–and even day care for two kids in the DC …
Everyone's Getting Rich
Everywhere I turn in the media, I hear that the economy is horrible. I hear that our parents had it better than we do. I hear that my generation may be the first ever to be poorer than my parents generation.
Hogwash.
First off, my parents never had iPods growing up. In fact, they didn’t even have …