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Response to woo me with science (Reply #43)

Sun Dec 23, 2012, 04:30 PM

45. You mention taxes on the rich, and

"Compare to Clinton? No, look at the whole package."

I responded. Ending the tax cuts above $250,000 means a slight increase for the top one percent beyond returning to Clinton era rates because there are also tax increases built into the health care law. In fact, it's a very slight increase beyond Clinton's even without the health care law.

http://www.taxpolicycenter.org/numbers/displayatab.cfm?Docid=3210&DocTypeID=2





<...>



Under Clinton, the top 1 percent paid 33.4 percent; under Bush it paid 29.8 percent; and under Obama it would go back up to 35.3 percent, less than two points than under Clinton.

Meanwhile, under Clinton, the top 0.1 percent paid 36.9 percent; under Bush it paid 32.8 percent; and under Obama it would go back up to 39.7 percent. By contrast, every other group would be paying lower rates under Obama’s proposals than under Clinton. (A table detailing these numbers is right here.)

It’s true that the top 1 percent and the top 0.1 percent would be paying more. But the significance of those hikes shrivel dramatically when you consider how much better these folks have fared over time than everyone else has. The highest end hikes shrivel in the context of the towering size of their after-tax incomes — and the degree to which they dwarf those of everyone else, something that has increased dramatically in recent years.

- more -

http://www.washingtonpost.com/blogs/plum-line/post/how-obamas-tax-hikes-will-really-impact-the-rich-in-three-easy-charts/2011/03/03/gIQAmbbLIL_blog.html


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