Prior to his employment at Amoco, Mr. Johnston served as an economist with the RAND Corporation, the Institute for Defense Analyses, and the Secretary's Office of the U.S. Treasury. He served on the U.S. delegation to the United Nations Conference on the Law of the Sea.
Mr. Johnston's current research has focused on electric utility deregulation in Illinois and other states; pollution trading under the climate change treaty, Clean Air Act, and the RECLAIM system for the South Coast Air District; and a general theory of regulation, published in the Cato Institute's Regulation magazine.
Latest posts by Jim Johnston (see all)
- Price Controls, Whether For Labor Or Housing, Don’t Work - July 9, 2014
- Adding Economics to the Immigration Debate - May 20, 2014
- Encrypt Everything! - February 3, 2014
John Goodman and Michael Stroup tell you at Townhall. An excerpt:
Barack Obama wants the rich to pay more taxes. Since the days of Ronald Reagan, says the president, Republicans have been protecting the rich at every opportunity — shielding them from the obligation to pay their fair share. Yet here are some facts about U.S. income taxes that most people don’t know:
• Over the past quarter century, our income tax system has become increasingly progressive — with the tax burden almost continuously shifting through time from the bottom half to the top half of the income distribution. (See the graph below.)
• As a result of this seismic shift in the tax burden, more than half of U.S. households pay no income tax at all and 30% of all households actually make money off the income tax system (pay “negative taxes”) through the Earned Income Tax Credit.
• More than one-third of all income taxes are paid by the top 1 percent and almost three-fourths of all income taxes are paid by the top 10%.
• According to an OECD report, the U.S. currently has the most progressive tax system among all developed countries.
• Although it’s hard to assign responsibility to the two political parties, Republicans are probably responsible for 80 percent of the increase in progressivity.
If you find all of this surprising, the obvious question is: why is it surprising? If the president wants to have a national discussion about the distribution of the tax burden, why are the American people not better informed? There are three reasons: Republicans, Democrats and the news media.
Read the rest here.