Piketty, Marginal Tax Rates And Quality Of Life For The Poor

Piketty wants to have very high marginal tax rates (70% or higher on incomes of $1,000,000 and up). We had those kinds of rates in the 1970s. But with lower rates starting in the 1980s we have seen the percentage of poor people who own different types of goods and appliances rise quite a bit and the average number of hours it takes to purchase many items go down. So the poor have hardly been harmed by lower tax rates on the upper income groups.

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