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)

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.

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