According to CBO, the effective tax rate on the one percent — reflecting the end of the Bush tax cuts at the top end, plus additional taxes associated with Obamacare — is now back to pre-Reagan levels. You could argue that we should have raised taxes at the top much more, to lean against the widening of market inequality, and I would agree. But it’s still a much bigger change than I think anyone on the left seems to realize.
Thursday, November 13, 2014
Krugman on taxing the One Percent
Paul Krugman argues that during the Obama Administration, effective taxes on the upper 1% of earners have increased by a signficant amount. Or at least a non-trivial one. (Why the One Percent Hates Obama 11/13/2014)