Fox's Carlson Needs To "Look At The Facts" On Taxes, Income Of The Wealthy

[Bill USA]

Fox's Gretchen Carlson says if people don't think the wealthy are paying their fair share, they "need to look at the facts". Actually, Carlson should do something novel for her and look at the facts to find out the wealthy are paying the lowest taxes they have ever paid - since.... 1931 (notice how after the Republicans have had too much time in power in the last 20 years our economy is in a situation which keeps forcing comparisons to the 1930's?)...

http://mediamatters.org/research/201111070006

But Taxes On Top Earners Are At Historic Lows .

Bloomberg Businessweek: "Except For A Period From 1988 To 1992, The Top Tax Rate Has Never Been This Low Since 1931." A December 15, 2010, Bloomberg Businessweek article stated that Congress' pending renewal of the Bush tax cuts would create "an environment in which their tax rates on income and investments remain at historic lows." From the article:
{(It's a Great Time to Be Rich)_Bill USA}

A bonanza of new and extended tax benefits could make it as easy as ever for the rich to stay that way.

Under legislation approved by the U.S. Senate on Wednesday, Dec. 15, and now moving on to the House, savvy wealthy Americans would be able to capitalize on an environment in which their tax rates on income and investments remain at historic lows. Also, new rules would make it possible to pass on fortunes to heirs with less fuss and lower taxes than all but a brief period of the past 80 years. It's a far cry from the 70 percent bite the federal government took out of the largest incomes and estates as recently as 1980.

"The climate we'll have after this legislation is extremely favorable for wealthy families," says Jeffrey Cooper, a professor at Quinnipiac University School of Law and a former estate planner who has studied the history of U.S. tax law.

(MORE)

[libinnyandia]

1. Obama had better veto it

[Philosopher King]

2. The rates really don't matter because of all of the loopholes in the US tax code.

Ultimately, the only thing that matters are the actual dollars and percentages paid.

[sam11111]

3. facts :

(graph is from Wikipedia, on page linked here about 90% of the way down)
http://en.m.wikipedia.org/wiki/Income_tax_in_the_United_States

The Top Tax Rate - ( its history )

As a table it is --


From www.progressinaction.com

[sam11111]

4. rates DO matter; rates are the starting place that loopholes must nibble at

A classic multiple-causality phenomenon.

So, we also wish to close loopholes.

Both matter, neither is unimportant.

Sam the philosopher. LOL

[ThoughtCriminal]

6. Try looking at percentage of income paid for all taxes

Instead of just Federal Income taxes. Including state sales taxes, property taxes, FICA, Medicare. Also take into account that much of the income earned by the wealthy is taxed as capital gains - at a much lower rate than wage earners.

And while your at it, also look at the effect of income inequality.

:eyes:

[sam11111]

5. LW think tank's remedy....

http://www.ourfuture.org/blog-entry/2010041625/13-ways-90-percent-top-tax-rate-fixes-economy

Most intelligent writer I have seen in years.