Tuesday, July 14, 2009
Had gubernatorial candidate Tom Bakk had his way, that rate would be 53.35%, pulling within .05% of Vermont for seventh place. It would have been more expensive to be a millionaire in Minnesota than New York City or Washington D.C. South Dakota, by the way, would have a top rate of 44.88%.
Meanwhile, President Obama is telling Ghanaian people that a 20% skim for government is no place where business wants to invest. From your mouth to Dane Smith's ear, Mr. President!
(For more on effective marginal rates, see Kotlikoff and Rapson .)