For example, assume that Ken currently has $10,000 in annual Social Security benefits, with 85 percent of those benefits taxed at a marginal rate of 15 percent. The tax bill on his Social Security benefits is $1,275 (= $10,000Ã0.85Ã0.15).
Friedrich August von Hayek CH (8 May 1899 - 23 March 1992) was an Austrian, later British, economist and philosopher most famous for his defense of classical liberalism.
1 No one has characterized market mechanisms better than Friedrich von Hayek. 2  Herbert Simon in The Sciences of the Artificial (1981), p. 41. 3  Friedrich Hayek, who died on March 23, 1992 at age 92, was arguably the greatest social scientist of the twentieth century.