How High Should Top Income Tax Rates Be? (Hint: Much Higher):
"time series analyses of top income tax rates since World War II suggest that their decline has had a statistically insignificant impact on economic growth and its driving factors — labor supply, savings, investment, and productivity. On the other hand, the falling top tax rate has had a statistically significant impact both in increasing the share of income concentrated at the very top of the income distribution and the share of income accruing to capital at the expense of labor income."
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