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 Friedrich Hayek's influence has been tremendous. 2  His work is incorporated in the body of technical economic theory; has had a major influence on economic history, political philosophy and political science; has affected students of the law, of scientific methodology, and even of psychology.