December 4, 2013
Get Ready for a Global Attack on Wealth
Romain Hatchuel, Wall Street Journal
The Associated Press
Between 2008 and 2012, several fiscally challenged nations (including the United Kingdom, Ireland and Spain) increased top personal income tax rates by an average of 8 percent. In the United States, the expiration of the Bush tax cuts pushed the highest federal income tax bracket to 39.6% from 35%. What the IMF calls "revenue-maximizing top income tax rates" may be a good indication of how much further those rates could rise: As the IMF calculates, the average revenue-maximizing rate for the main Organization of Economic Cooperation and Development countries is around 60%, way above existing levels.
TAGGED: Global Economy