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MichaelSLinden's profile
Michael Linden
Michael Linden
Michael Linden
@MichaelSLinden

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Michael Linden

@MichaelSLinden

Econ wonk. Aspires to be Leslie Knope (would settle for Ben Wyatt). Fellow at Roosevelt Inst., Policy & Research Director at the Hub Project. Personal account.

Washington, DC
thehubproject.org
Joined September 2010

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    Michael Linden‏ @MichaelSLinden 23h23 hours ago

    Michael Linden Retweeted POLITICO

    A quick thread on the economics of a much higher top rate for the super-rich. TL;DR version is that @AOC is on very solid ground here. There is a lot of evidence that from an economic and fiscal perspective, we'd be way better off with top rates approaching 70.https://twitter.com/politico/status/1081207384960368640 …

    Michael Linden added,

    POLITICOVerified account @politico
    Rep. Alexandria Ocasio-Cortez is floating an income tax rate as high as 60 to 70 percent on the highest-earning Americans to combat carbon emissions https://politi.co/2F9SWNm 
    7:45 am - 4 Jan 2019
    • 3,925 Retweets
    • 13,916 Likes
    • C Otradovec Nick Balandiat NoLongerRepublican Dicky D eric Tamas Marki Patricia  Walling Josh Burtwistle Lucas Smolcic Larson
    600 replies . 3,925 retweets 13,916 likes
      1. New conversation
      2. Michael Linden‏ @MichaelSLinden 23h23 hours ago

        Starting with the basic fiscal implications, the best and most recent research suggests that rates around 70 percent for top earners will raise the most revenue. At 37% currently, we are leaving a lot of $$ on the table. Diamond and Saez on this: https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.25.4.165 …

        48 replies . 112 retweets 761 likes
        Show this thread
      3. Michael Linden‏ @MichaelSLinden 23h23 hours ago

        Trickle-downers will argue that higher taxes on the rich won't raise money because the rich will reduce their work in response, but the evidence is really clear that's not true at all at current rates. Basically, the "laffer curve" doesn't really kick in until past 70.

        56 replies . 165 retweets 1,061 likes
        Show this thread
      4. Michael Linden‏ @MichaelSLinden 23h23 hours ago

        On to the broader economic implications beyond budgetary ones. For the last 40 years, we have been cutting taxes on rich people and expecting those windfalls to eventually trickle down to everyone else. Hasn't happened, won't happen.

        35 replies . 363 retweets 1,761 likes
        Show this thread
      5. Michael Linden‏ @MichaelSLinden 23h23 hours ago

        Instead, we have incentivized the super-rich to grab a larger and larger share of the gains from overall growth. In groundbreaking research, @S_Stantcheva and co-authors show how top rate reductions lead to higher PRE-tax shares of income going to the rich.

        7 replies . 137 retweets 922 likes
        Show this thread
      6. Michael Linden‏ @MichaelSLinden 23h23 hours ago

        So it's not just that higher top rates raise us more money which we can use better, but they actually make the PRE-tax distribution better. In other words, raising top tax rates will mean more money in more pockets, even before we account for the revenue effects.

        15 replies . 100 retweets 713 likes
        Show this thread
      7. Michael Linden‏ @MichaelSLinden 23h23 hours ago

        Finally, let's talk about the economic impact of using the revenue from a much higher top tax rate to finance something like a Green New Deal. The basic question we should ask: Will the investment financed by the higher tax rates generate more good than the lower rate would?

        7 replies . 65 retweets 575 likes
        Show this thread
      8. Michael Linden‏ @MichaelSLinden 23h23 hours ago

        The answer here is self-evidently yes. Lower tax rates on the super-rich, as discussed above, are bad for the economy, so the higher taxes themselves are already better for the economy.

        10 replies . 73 retweets 676 likes
        Show this thread
      9. Michael Linden‏ @MichaelSLinden 23h23 hours ago

        But when you factor in that the revenue will be used to both combat climate change (which will have enormous, painful consequences if left unaddressed) and create new jobs and higher wages now, then it's a very clear slam dunk.

        16 replies . 87 retweets 715 likes
        Show this thread
      10. Michael Linden‏ @MichaelSLinden 23h23 hours ago

        Last note: There will be many on the right & in the media who will mock @AOC for calling for tax rates at 60 or 70, but they're the ones who are economically illiterate. They're basing their view on an outdated and ideological understanding of taxation, not on the best research.

        89 replies . 375 retweets 1,798 likes
        Show this thread
      11. End of conversation
      1. New conversation
      2. Jim‏ @jim_ 21h21 hours ago
        Replying to @MichaelSLinden @AOC

        *Economically* solid ground. Politically it may be difficult, of course. (I like this policy, just see it being too difficult to get it passed, no matter how much sense it makes.)

        3 replies . 1 retweet 16 likes
      3. Michael Linden‏ @MichaelSLinden 21h21 hours ago
        Replying to @jim_ @AOC

        Don't be so sure. A large majority of Americans think the rich don't pay enough in taxes, and support significantly higher taxes on millionaires, billionaires and wealthy corporations.

        14 replies . 8 retweets 149 likes
      4. Cauliflower Aficianado‏ @Aftermath8 21h21 hours ago
        Replying to @MichaelSLinden @jim_ @AOC

        The pitch is to get people to add up what they’re paying in taxes plus healthcare premiums/out of pocket, plus student loans/tuition, plus savings if there was useful transit and compare that to what they’d pay under a new system that provided all those things

        0 replies . 2 retweets 38 likes
      5. End of conversation
      1. New conversation
      2. Joel Sitty‏ @JoelSitty 21h21 hours ago
        Replying to @MichaelSLinden @AOC

        Sir, the government has no need for the income of the wealthy - the government issues the currency and can fund any project so long as the workers, raw material, and equipment are available. There are good reasons to raise the top tax rate, but funding the government is not one.

        2 replies . 0 retweets 2 likes
      3. Michael Linden‏ @MichaelSLinden 18h18 hours ago
        Replying to @JoelSitty @AOC

        I understand and appreciate that point of view. It's why I didn't limit my discussion to the fiscal impacts. That being said, even if one agrees with your viewpoint, for the moment there is a political economy problem that raising revenue helps to solve.

        1 reply . 0 retweets 3 likes
      4. Joel Sitty‏ @JoelSitty 17h17 hours ago
        Replying to @MichaelSLinden @AOC

        Hello ML, if you understand the reality of how the government operates, then why have you posted tweets that state that the government uses tax receipts to fund programs? This is a false statement, sir.

        2 replies . 0 retweets 0 likes
      5. Michael Linden‏ @MichaelSLinden 17h17 hours ago
        Replying to @JoelSitty @AOC

        What I said was I that I understand and appreciate your point of view. That doesn't mean I subscribe fully to it.

        1 reply . 0 retweets 2 likes
      6. Joel Sitty‏ @JoelSitty 17h17 hours ago
        Replying to @MichaelSLinden @AOC

        Fair enough. I would start with answering the question "where had the dollars come from that I use to pay my taxes?"

        1 reply . 0 retweets 0 likes
      7. lizburtontx‏ @zumayabooks 16h16 hours ago
        Replying to @JoelSitty @MichaelSLinden @AOC

        You overlook the fact the vast majority of the population believes the federal government's budget runs like their own, or like a business. Ergo, the public perception is taxes are required to pay for programs, and any current discussion has to be based on that premise.

        1 reply . 0 retweets 0 likes
      8. Joel Sitty‏ @JoelSitty 14h14 hours ago
        Replying to @zumayabooks @MichaelSLinden @AOC

        You may be right that many people hold a mistaken belief - which is all the more reason to correct and challenge those who have the opportunity to shape and form those decisions. Just because folks once thought that the Sun revolved around the Earth doesn't mean we argue that way

        0 replies . 0 retweets 0 likes
      9. End of conversation
      1. New conversation
      2. Sandy B‏ @sandy_b_good 23h23 hours ago
        Replying to @MichaelSLinden

        pic.twitter.com/u5oCQ8ywa1

        18 replies . 431 retweets 1,399 likes
      3. Matt Wuerker‏Verified account @wuerker 23h23 hours ago
        Replying to @sandy_b_good @MichaelSLinden @AOC

        thanks for digging that oldie up. Drew that a decade ago

        8 replies . 15 retweets 759 likes
      4. Andrew & Sabrina‏ @PsychScientists 20h20 hours ago
        Replying to @wuerker @sandy_b_good and

        Damn, Reagan was nuts

        1 reply . 0 retweets 9 likes
      5. That's me done‏ @sparky_dogs 19h19 hours ago
        Replying to @PsychScientists @wuerker and

        Dangerously so. We're still paying the price of his 'leadership' ~4 decades later :(

        1 reply . 0 retweets 3 likes
      6. Hepatitis M‏ @OohMyNose 19h19 hours ago
        Replying to @sparky_dogs @PsychScientists and

        You have no idea what you're talking about. Yeah, we were denied another four years of the fine leadership of Jimmy Carter.

        2 replies . 0 retweets 0 likes
      7. Sandy B‏ @sandy_b_good 19h19 hours ago
        Replying to @OohMyNose @sparky_dogs and

        Thanks for letting me know how you really feel.

        0 replies . 0 retweets 2 likes
      8. End of conversation

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