Who were the top taxpayers in 1923?

From page 71 of Daniel Marcin’s “The Revenue Act of 1924: Publicity, Tax Cuts, Response




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Trump won in counties that lost jobs to China and Mexico

Here is an interesting article that my very talented research assistant Francesco Ruggieri co-authored with Cerrato and Ferrara on the impact of (Autor Dorn Hanson) trade shocks on county vote shares.


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The Effect of Pension Income on Elderly Earnings: Evidence from Social Security and Full Population Data

From Gelber, Isen, and Song:

We estimate the effect of pension income on earnings by examining the Social Security Notch, which cut lifetime discounted Old Age and Survivors Insurance (OASI) benefts by over $6,100 on average for individuals born in 1917 relative to those born in 1916. Using Social Security Administration microdata on the U.S. population by day of birth and a regression discontinuity design, we document that the Notch caused a large increase in elderly earnings. The point estimates show that a $1 increase in OASI benefits causes earnings in the elderly years to decrease by 46 to 61 cents due to an income effect, and the evidence is consistent with the hypothesis that only current (not future) benefits affect earnings. Under further assumptions we rule out more than a small substitution elasticity. Our results suggest that the increase in OASI benefits from 1950 to 1985 can account for at least half of the dramatic decrease in the elderly employment rate over this period.

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Why Retire When You Can Work? Hours are way up for elderly workers


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Zip-code Economics

Here is a new article from Chicago Booth Review that is worth a read

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Financial firms make large share of pass-through income

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See here for details

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Pass-through income and the top 1%

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See here for details

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