In 2013, a surtax on high earners was levied to help pay for the Affordable Care Act at the same time as the 2001 tax cuts for high-income earners that were signed into law by President George W. Bush expired. The 2013 tax increase on high earners was the largest since the 1950s, and larger than the previous increase of the top tax rate by the Clinton administration in 1993. The 2013 tax increase is concentrated among the top 1 percent of income earners. The Congressional Budget Office statistics show that the average federal tax rate—comprised of all federal taxes (individual, corporate, and payroll)—on the top 1 percent of income earners rose by 5 points, from 29 percent before 2013 to 34 percent in 2013.
I estimate that only about 20 percent of the projected revenue increase from the 2013 tax hike is lost due to the behavioral responses over the medium term.