GEORGETOWN ECONOMICS IN THE NEWS
Professor Mark Huggett and Alejandro Badel (recent Phd graduate from the department of economics, Georgetown University) were featured in an article from the Texas Advance Computer Center. The Texas Advanced Computing Center (TACC) at The University of Texas at Austin is one of the leading centers of computational excellence in the United States. The article features the research of Huggett and Badel on taxing top earners using the Stampede supercomputer.
- Huggett and Badel recently proposed raising the marginal tax rate on the top 1 percent of earners from 42.5% to 73%.
- To take a deeper look at this issue, researchers Badel and Huggett developed their own model economy to assess the consequences of increasing the tax rates on top earners in the U.S.
- Using Stampede through an XSEDE allocation, the researchers initially found that the optimal tax rate is actually much lower than proposed and that increasing tax rates would negatively impact potential top earners.
- The research is informing conversations among economists and policymakers on the best way to tax the wealthiest in our society.
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