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Steven Malanga

The way in which taxes on the wealthy impact a society depends on how high the taxes are. At some point, if taxes become too high, they become a disincentive for people to do additional work, because the additional value that is earned from that work is diminished. The point at which this happens, however, changes over time. This principle, nevertheless, is not exclusive to the wealthy, it’s actually a basic principle that affects everyone. The only reason that we apply it more often to the wealthy is because in our graduated, or progressive tax system, they’re the ones who are most likely to reach the point where there’s some disincentive.

Contributing editor of City Journal and Manhattan Institute senior fellow, Steven Malanga