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View Diary: President Obama's Opening Move: Raise $1.6 Trillion In New Tax Revenue From The Wealthy (222 comments)

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  •  Koch brothers will also get a tax cut! (5+ / 0-)

    As Dave G explained in a brilliant diary a few days ago, this is how the President needs to explain his proposal:

    "Under my plan, everyone, including millionaires, gets a tax cut on their first $250,000 in income.  But that's where it stops - we just can't afford to give rich people a huge tax cut giveaway that people making under $250,000 don't get."
    Calling this a tax increase on the wealthy is totally wrong, and it plays into false framing that plays on the public's lack of understanding of how marginal taxes work. Most people have been taught to think that progressive taxation is somehow discriminatory---that different people get taxed at different rates. But it's not true! Everyone pays the same amount of tax as everyone else on the first $5000 they earn. Everyone pays the same amount as everyone else on the next $10000. And the next $100000. People aren't taxed differently; income above pre-determined thresholds is taxed differently.
    •  I hate the way schools don't teach about that. (2+ / 0-)
      Recommended by:
      happymisanthropy, Nate Roberts

      I took an econ class as a graduation requirement in high school.

      We had to do a budget for a pulled-from-a-hat income and career. Including income taxes.

      We were just handed a simplified worksheet on a slip of paper that included the marginal rate concept, but there was no discussion of what was actually going on there but 'this is how it is, fill it out'.

      And forget covering marginal rates as a concept in math class. At any level. Did not happen.

      Prayers and best wishes to those in Japan.

      by Cassandra Waites on Wed Nov 14, 2012 at 07:01:14 AM PST

      [ Parent ]

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