Federal Government, Quote of the Day, Tax Law

Quote of the Weekend: Thanks Obama!

Consider the tax burden on high earners once the Bush administration’s tax cuts expire next year. Add up the federal, state, city and sales taxes for a lawyer in New York City who earns $300,000 a year. Depending on the circumstances, this individual could be facing marginal tax rates in the range of 60 percent.

– Professor Tyler Cowen, arguing in favor of reducing government spending, in a piece for the New York Times.

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