THE OTHER AMERICA: Inequality, Taxes, and the Very Rich

Jenny Bourne
Additional contact information
Jenny Bourne: Carleton College

No 2019-02, Working Papers from Carleton College, Department of Economics

Abstract: Effective tax rates are lower than statutory rates for wealthy people because they receive much income from capital, capital income receives preferential treatment, and recognition of capital income is often voluntary. I calculate taxes paid as a percentage of wealth using linked estateincome data. Single itemizers with wealth of at least $2 million in 2007 paid less than 3 percent

of wealth in annual taxes, with the richest paying the smallest fraction. Changes enacted in the Tax Cuts and Jobs Act of 2017 favor those at the top. The estate tax remains one tool that may curb extreme wealth accumulation.

JEL-codes: D31 H22 H31 (search for similar items in EconPapers)
Date: 2019-09
Note: In Copyright
References: Add references at CitEc
Citations:

Downloads: (external link)
https://digitalcommons.carleton.edu/cgi/viewconten ... 2&context=econ_repec (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:avv:wpaper:2019-02

Access Statistics for this paper

More papers in Working Papers from Carleton College, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Sara Nielsen ().