Posts about Lillian Mills
Marital bliss can come at a cost when tax laws place higher rates on the combined incomes of married couples than they do on single individuals earning the same amount. McCombs professor Lillian Mills explores this concept in a simplified theoretical example brought to life through the scribble-tastic magic of LINGO.
As 2012 ticks down to its final days, it’s not just buffs of the Mayan calendar who fear the end of the world as we know it. Assuming doomsday does not arrive Dec. 21, the nation could face another apocalyptic scenario just 11 days later. Some economists call it Taxmageddon and others the Fiscal Cliff — a half-trillion-dollar smorgasbord of expiring tax cuts, along with benefit and budget cuts, that start kicking in on New Year’s Day. They warn it could topple the U.S. economy back into recession.