Posted by: Joe Eds | August 12, 2010

The Tax Chart

Washington Post article here examining the Obama tax proposal versus the current Bush tax cuts. And here’s all we need to know:

Given the soaring national debt, many economists deem both proposals unaffordable. Even some Republicans, including Reagan administration budget chief David Stockman and former Fed chairman Alan Greenspan, have urged lawmakers to let them expire and allow income tax rates to pop back up to their levels during the Clinton administration.

But this below chart is the best tool to see what we’re talking about.

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Responses

  1. That’s a great chart, though it really paints only a piece of the picture (granted, a very important piece of the picture).

    As you know, I am all for responsible government spending & revenue generation, as well as a strong proponent of a progressive tax system. This chart clearly shows that the Democratic tax plan would (a) increase government revenue and (b) do so at the greater expense of higher income individuals than the Republican plan would.

    However, I think it would be a bit fairer to also show the average amount of taxes that individuals in each category would pay under both plans, particularly as a % of their income and a % of total government tax revenue.

    It’s easy to say that the Republican tax plan is egregiously favorable to higher income individuals without seeing what they already pay (well, it’s probably still easy to say that even with the additional info, but not *quite as easy*).

    peter


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