What do Keith Richards and Greg Mankiw have in common?
[Editor's note: This is a tongue-in-cheek post. Keith Richards briefly attended Sidcup Art College before dropping out to join with his childhood friend Mick Jagger, who attended the London School Economics for less than a year, to form the Rolling Stones. Neither has any relationship to MIT.]
They both have a PHD from MIT in economics, and they share a belief that the tax code matters in determining our choices. For evidence about Keith's views about the distortionary effects of the tax code click here.
To quote Dr. Richards, "The whole business thing is predicated a lot on the tax laws," "It's why we reherse in Canada and not in the U.S. A lot of our astute moves have been basically keeping up with tax laws, where to go, where not to put it. Whether to sit on it or not. We left England because we'd be paying 98 cents on the dollar. We left and they lost out. No taxes at all." (Source November 1, 2010 New Yorker Magazine page 104)
Somewhere, I can hear George Harrison singing "Tax Man (Mr. Wilson)".
Perhaps the Tea Party has found a new leader to run against President Obama in 2012? Street Fighting Grandpa.
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