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...similar strategy for managing a growing mountain of debt on this side of the Atlantic might work, with Washington increasing the top tax rate, say, from 35% to 45%. At the same time, rates could be increased by a smaller amount in lower brackets...
From a historical perspective this makes a great deal of sense. Consider that the top marginal rate peaked at 94% in the final years of World War II. It remained above 90% for most of the 1950s, and held steady at 70% during the 1970s. Republican Ronald Reagan emerged as the great tax buster, shaving the top bracket to a mere 28%. (During his presidency the rate in the bottom bracket increased by a point...
Opinion is mixed about whether tax that primarily targets the rich would solve today's debt problems. "Once the marginal rate exceeds 40%, you get high levels of tax avoidance and evasion," says Daniel Feenberg, an associate with the National Bureau of Economic Research in Cambridge, Mass. (See the best business deals...
...sister vessels; they in fact belonged to two separate owners, but the error is understandable. Both ships were huge: the Titanic was carrying 2,207 passengers and crew on the night it went down; the Lusitania had 1,949. The mortality figures were even closer, with a 68.7% death rate aboard the Titanic and 67.3% for the Lusitania. What's more, the ships sank just three years apart - the Titanic was claimed by an iceberg on April 14, 1912, and the Lusitania by a German U-Boat on May 7, 1915. But on the decks and in the passageways...
...results told a revealing tale. Aboard the Titanic, children under 16 years old were nearly 31% likelier than the reference group to have survived, but those on the Lusitania were 0.7% less likely. Males ages 16 to 35 on the Titanic had a 6.5% poorer survival rate than the reference group but did 7.9% better on the Lusitania. For females in the 16-to-35 group, the gap was more dramatic: those on the Titanic enjoyed a whopping 48.3% edge; on the Lusitania it was a smaller but still significant 10.4%. The most striking survival disparity - no surprise, given...