Quote Of The Day

“I have an even better argument against tax cuts for the rich. According to Bernstein’s logic, they don’t even work for the rich. If you look at the mean income for the top 20% of all families, it also shrinks between 1989 and 1992, grows between 1992 and 2000 and falls between 2000 and 2010. So those tax cuts for the rich didn’t even help the rich. Kind of ruins the class warfare story, doesn’t it? (I hope to get some graphs up on this in a later post.) The same results hold for the top 5%. Data are here–use the numbers corrected for inflation. Maybe, just maybe, other factors than tax policy explain our financial well-being.” — Russ Roberts

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