Peter Schiff: The Fantasy of a 91% Top Income Tax Rate

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Published on October 29, 2014 with No Comments

English: Peter Schiff speaking

Peter Schiff, who was introduced to the Austrian School of Economic thinking by his father, recently wrote an op-ed for the WSJ regarding the proposed increase to marginal tax rates for top earners.

Mr. Schiff states that contrary to what President Obama and other leaders on the left may believe, higher rates are not “fair” and do not help balance the budget, that the tax burden on the wealthy has remained nearly the same and the tax burden paid by the middle and lower income earners has fallen dramatically since the 50’s due to the addition of tax credits to lower income producers and the removal of exemptions for the “rich”.

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