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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (45741)9/9/2010 2:29:41 PM
From: TimF   of 71588
 
...The evidence is mixed, but seems to suggest that I was wrong. In "Do the Rich Save More?", economists Karen Dynan, Jonathan Skinner and Stephen Zeldes found a strong relationship between personal savings and income. However, other research suggests the opposite conclusion. Julia Lynn Coronado, Joseph Lupton and Louise Sheiner of the Federal Reserve studied (PDF) the effects of the 2003 tax cuts' child credit and found that the rich were actually more likely to spend most of the credit. Most of this is due to the fact that high earners were less likely to have to pay off debt:



Matthew Shapiro and Joel Slemrod did a similar study on personal income tax rebates from the 2001 tax cuts, and also found that the rich spent more:



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