Dell-iberately Misunderstanding the Margins
Billionaire Michael Dell doesn't like AOC's proposal to hike the highest marginal tax rate to 70%. His reasons why not were mostly addressed and destroyed by an economist on the panel who pointed out that the United States had that rate for quite a while during a time when growth was quite strong(*). But one claim he made stuck out to me: He asserted that he donated more to his charitable foundation than the new tax rate would take from him. This... ran counter to my general understanding of human nature, so I looked it up . I can't make a perfect comparison, since Forbes gives some fraction that it doesn't really explain. I might, for example, be looking at lifetime earnings here, whereas income tax is (obviously) a fraction of yearly earnings. But the number Forbes gives as a fraction of charitable giving is 5%. I don't think Dell gives as much as he thinks he does. Or, rather, as much as he wants us to think that he does. He also says that he ...