Mostly Tax Stuff

The Ryan plan cuts taxes for the rich — but why? - Ezra Klein - The Washington Post "Jon Chait is, of course, right that House Budget Committee Chairman Paul Ryan’s budget cuts taxes on the rich. It cuts them when compared with current law, under which the Bush tax cuts expire in 2012. It cuts them against Obama’s budget, under which the Bush tax cuts for income over $250,000 expire in 2012. And it cuts them even if you ignore the Bush tax cuts, as it repeals a variety of progressive taxes included in the Affordable Care Act. That it also closes loopholes and lowers marginal rates has no bearing on the fact that the rich will be paying less than they would under either current law or the president’s proposals. But I also understand why so many conservatives are going to such great lengths to deny that Ryan’s budget cuts taxes on the rich. Raising taxes on the rich is popular."



Mathew Yglesias in Paul Ryan's Plan to Deepen the Recession talks about his monetary policy.

David Cay Johnston in Willamette Week (never heard of it but Mark Thoma pointed to it) describes 9 Things The Rich Don't Want You To Know About Taxes:

1. Poor Americans do pay taxes.
2. The wealthiest Americans don’t carry the burden.
3. In fact, the wealthy are paying less taxes.
4. Many of the very richest pay no current income taxes at all.
5. And (surprise!) since Reagan, only the wealthy have gained significant income.
6. When it comes to corporations, the story is much the same—less taxes.
7. Some corporate tax breaks destroy jobs.
8. Republicans like taxes too.
9. Other countries do it better.

Visualizing Economics has a nice graphic on the Top Marginal Tax Rates 1916-2010: