This post first appeared on Harvard Business Review's blog, and is posted in conjunction with the publication of the October 2014 issue of the magazine'sfeature article, "The Rise (and Likely Fall) of the Talent Economy," which can be read in full here.
The changing attitudes toward and laws around income taxes has been a major driver of the rise of America's modern talent-based, knowledge economy.
Two things strike me as I study the history. First, it is hard to see the historical development of US income taxation as a gradual evolution. Rather, it is characterized by major swings. Second, it is interesting to see a very consistent cycle in the tax treatment of the super-rich. I think that today we are approaching an inflection point. Unless we do something about the current set up, the tax system may end up as a major factor in the fall of that talent economy.
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