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should be designed to minimize the second elasticity (avoidance) through tax enforcement and tax neutrality across income … (bargaining) as bargaining efforts are zero-sum in aggregate. We then analyze top income and top tax rate data in 18 OECD … countries. There is a strong correlation between cuts in top tax rates and increases in top 1% income shares since 1975 …
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The main driver of inequality--returns on capital that exceed the rate of economic growth--is again threatening to generate extreme discontent and undermine democratic values. Thomas Piketty`s findings in this ambitious, original, rigorous work will transform debate and set the agenda for the...
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