TAXED TO THE MAX: Waiting to See How the Put-Upon Rich Behave

The rich, we’re told, are different from the rest of us. But will they be less different as they adjust to the Clinton Administration’s stiffer taxes on high incomes? Or even more different? A recent piece in the business section of The New York Times offered speculation by various economists as to how the rich will adjust their behavior (if at all) in response to the sharp increase in their marginal tax rates. Some economists said they expect the working rich to work less – hence, to enjoy greater leisure (which isn’t taxed) instead of seeking more money (which is).