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.
And the eventual victory of this viewpoint was really a tale of two cities -- Vienna and Chicago. Friedrich von Hayek was the figure who tied the two together; he also connected the post-World War I Austrian School of economics to the renewed embrace of markets in the 1980s.