New Study Says Obama's Tax Hikes on the Rich Didn't Hurt U.S. or the Rich

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New Study Says Obama's Tax Hikes on the Rich Didn't Hurt U.S. or the Rich

Nov, 7th 2016

President Barack Obama's 2013 tax increases for wealthy Americans neither slowed their income growth nor hurt the economy, according to a study that taps into a key debate in the current presidential race. The top 1 percent of earners managed to increase their share of the nation's income at about the same pace after their taxes were raised as they had before, according to the study , released Thursday by Emmanuel Saez, an economics professor at University of California, Berkeley. That outcome suggests that wealthier Americans did not respond to the higher taxes by either working less or saving less, as many economists often say will happen. Saez and his frequent collaborator, Thomas Piketty, have helped fuel a contentious debate over income inequality with their research into...

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