Links for 2011-05-01 [del.icio.us]
- The Uneasy Case for Progressive Taxation, David Henderson | EconLog | Library of Economics and Liberty
I assume by “upon” in the quote above, Mr. Johnston means “up on.” I also assume that what he is getting at is the principle of “equal sacrifice,” the idea that the tax system should impose equal sacrifices across people. With diminishing utility of income, this principle does imply higher taxes for the high-income person, but it does not imply a higher tax rate for the high-income person. Indeed, it is consistent with a lower marginal tax rate on the high-income person because even a lower marginal tax rate above some income level will take more money from the high-income person than from the low-income person. [I'm assuming away another problem, which is that we can't do interpersonal utility comparisons.] You need a much stronger assumption, specifically, a very steep decline in the marginal utility of income, to get Johnston’s conclusion.
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