Why Progressive Taxes Are Especially Harmful to Productivity and Harm the Poor

Included in President Joe Biden’s recently released budget proposal are several tax increases, among them an increase to the top marginal income tax rate. While the rate change, from 37 percent to 39.6 percent for income above $400,000 for single filers and $450,000 for married filers, appears minor, it nevertheless provides opportunity to explain why […]