The Very Interesting Thing That Happened When Obama Raised Rich People’s Taxes

Washington Post: “Just after President Obama won reelection four years ago, he and Congress increased taxes abruptly on the wealthiest Americans. In response, the rich paid up — and then went on with their lives as before, according to a new working paper.”

“Economist Emmanuel Saez estimated that, in the three years since the tax hike took effect, strategies used by the rich to reduce their reported income eliminated about 19 percent of the revenue the government could have collected from the tax increase had the wealthy not changed their behavior. This relatively small figure suggests the 2013 tax hike didn’t significantly affect rich Americans’ drive to make money, and Saez’s analysis of tax data shows the reported incomes of the wealthiest Americans, as a share of all Americans’ incomes, has continued to rise.”

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