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.
Only a week old, he had been born into poverty-stricken conditions in a remote area of Sierra Leone. âHe was so skinny,â Hayek recalls. âHis mother had lost her milk, probably because of malnutrition.â So Hayek, with the motherâs approval, instinctively did what almost any nursing mother would feel compelled to do.