[marketcorrection] Don Boudreaux: Fiscal Principles

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Posted by Don Boudreaux:
Fiscal Principles
http://marketcorrection.powerblogs.com/posts/1174736283.shtml


   9 June 2006
   The Editor, New York Times
   229 West 43rd St.
   New York, NY 10036
   To the Editor:
   Paul Krugman admires the fiscal principles of those "Americans from an
   earlier era" who instituted the modern income- and estate-tax ("The
   DeLay Principle," June 9). Although my admiration is less, I'm willing
   to keep the estate tax if we return to the original
   personal-income-tax policies of those "progressive" leaders in 1913 -
   most notably, a tax-rate structure whose lowest rate was one percent
   and whose maximum rate of seven percent kicked in only when annual
   incomes reached $7.7 million (in 2006 dollars).
   Sincerely,
   Donald J. Boudreaux
   Chairman, Department of Economics
   George Mason University