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Raising Revenue from High-Income Households: Should States Continue to Place the Lowest Tax Rates on Those with the Highest Incomes?

  • Jeffrey Thompson
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    In recent years, some states have responded to the collapse in tax revenue following the Great Recession by turning to tax increases targeted at high-income households. The revenue from such taxes can help sustain public spending on vital public services. Jeffrey Thompson looks at decades of evidence and clearly finds that such income taxes effectively raise substantial revenue, without risk of harm to the state’s economy. He argues that wealthy households have reaped vast benefits from state and federal tax codes for decades now, and to look to them now for much-needed revenue is sound policy. >> Download the five-page Research Brief>> Download the full study

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    Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Published Studies with number revenue_peri_march5.

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    Date of creation: 2012
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    Handle: RePEc:uma:perips:revenue_peri_march5
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    1. Hall, Bronwyn & Link, Albert & Scott, John, 2010. "Universities as Research Partners," Working Papers 10-9, University of North Carolina at Greensboro, Department of Economics.
    2. Young, Cristobal & Varner, Charles, 2011. "Millionaire Migration And State Taxation Of Top Incomes: Evidence From A Natural Experiment," National Tax Journal, National Tax Association, vol. 64(2), pages 255-83, June.
    3. Jon Bakija & Adam Cole & Bradley Heim, 2008. "Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from U.S. Tax Return Data," Department of Economics Working Papers 2010-22, Department of Economics, Williams College, revised Jan 2012.
    4. Sule Alan & Kadir Atalay & Thomas F. Crossley & Sung-Hee Jeon, 2009. "New Evidence on Taxes and Portfolio Choice," Social and Economic Dimensions of an Aging Population Research Papers 245, McMaster University.
    5. Emmanuel Saez & Joel B. Slemrod & Seth H. Giertz, 2009. "The Elasticity of Taxable Income with Respect to Marginal Tax Rates: A Critical Review," NBER Working Papers 15012, National Bureau of Economic Research, Inc.
    6. Jon Bakija & Joel Slemrod, 2004. "Do the Rich Flee from High State Taxes? Evidence from Federal Estate Tax Returns," NBER Working Papers 10645, National Bureau of Economic Research, Inc.
    7. Yannis Georgellis & Howard J. Wall, 2004. "Entrepreneurship and the policy environment," Working Papers 2002-019, Federal Reserve Bank of St. Louis.
    8. Donald Bruce & Mohammed Mohsin, 2006. "Tax Policy and Entrepreneurship: New Time Series Evidence," Small Business Economics, Springer, vol. 26(5), pages 409-425, 06.
    9. Woodward, Douglas & Figueiredo, Octavio & Guimaraes, Paulo, 2006. "Beyond the Silicon Valley: University R&D and high-technology location," Journal of Urban Economics, Elsevier, vol. 60(1), pages 15-32, July.
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