Adding up all taxes brings total close to top marginal rate, John Cochrane notes

Adding up all taxes brings total close to top marginal rate, John Cochrane notes
Total U.S. taxes near top rate

John Cochrane observes that when federal, state, local, sales, property, excise, estate, and Medicare taxes are combined, along with the incidence of corporate taxes, the overall tax burden approaches the top marginal rate today.

Cochrane highlights the comprehensive nature of the current U.S. tax structure by counting all significant categories of taxation.

Cochrane has previously argued that central banks should maintain independence to avoid monetizing government debt. In another analysis, he reviewed how Refine introduced a key assumption in a new equation for his inflation revision. These discussions reflect his focus on the technical and institutional factors affecting fiscal policy.

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