Phil Magness is a Senior Research Fellow at the American Institute for Economic Research. He is the author of numerous works on economic history, taxation, economic inequality, the history of slavery, and education policy in the United States.
Phillip W. Magness
Articles from Phillip W. Magness
The historical narrative we've been hearing is both simplistic and wrong. It relies upon a confusion between the statutory tax rate (i.e., the number that’s on the statute books) and the effective tax rate (i.e., the percentage of income that people actually pay once exemptions, deductions, and other tax-code incentives are accounted for).
The political persecution of Harwood appears to have originated in the highest ranks of the Roosevelt Administration. As Harwood later recounted, an investigator showed him a copy of the Bulletin containing a handwritten directive to “investigate and stop this.” It was signed by Lauchlin Currie, a former Harvard professor who became Roosevelt’s chief adviser on economic affairs in 1939