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Every Single Media Outlet Is Misreporting Obama’s Tax Proposal
Obama is not proposing that families making up to $250,000 a year keep their tax cuts while families making more than that don’t. He’s proposing that everyfamily keep their tax cuts on their first $250,000 of taxable income (which isnot the same as “income” or “earnings,” by the way).
That includes families with taxable income of $260,000, $1 million, $5 billion, $3 trillion, or whatever Jay-Z and Beyonce make in a year. Everyone would continue to pay a lower tax rate on their first $250,000 of taxable income under Obama’s plan. To report that Obama only wants to maintain tax cuts for families making less than $250,000 is simply false.
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While we prepare to be inundated with talk about repealing the “job killing health care reform bill aka OMG SCARY OBAMACARE!” it’s important to look at how we tax the highest earners in our country, the poor bastards that congress is trying to protect from potentially suffering the burden of a more inclusive health care system.
The chart above shows the tax rate for the highest earners. It has steadily dropped since the late 60s, when it was as high as 90% down to under 35% percent today.
Nobody is looking to bilk the rich at the rate they were in the 60s, but to complain to add a few percentage points to the current rate seems to be an objection not about money but to score political points at the detriment of the majority of Americans.
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Let’s be honest. The goal isn’t to see whether I can pass this through the executive board of the Brookings Institution. I’m passing it through the United States Congress with people who represent constituents. I’m sure there are a lot of people sitting in the shade at the Aspen Institute — my brother being one of them — who will tell you what the ideal plan is. Great, fascinating. You have the art of the possible measured against the ideal.
Rahm Emanuel on healthcare reform.
Let’s be honest. The goal isn’t to see whether we can write good policy instructed by good scholarship. We’re passing this bill through the United States Congress with people who face reelection next November. I’m sure there are a lot of uninsured people over-drafting their accounts because of an ER visit—my neighbor being one of them—who will tell you this plan is not enough. Great, fascinating. You have the art of the possible measured against the ideal.
(via langer)
Realizing the error of my ways, today seems like a particularly good day to reblog the full context of this post by langer. My apologies for not doing so in the first place.
