Skip to main content

View Diary: Noun, Verb, Police State (237 comments)

Comment Preferences

  •  Umm... (0+ / 0-)

    the Bush tax cuts were made permanent in PART. The "ultra-rich" now pay a higher rate.

    Look up "American Taxpayer Relief Act of 2012". Top marginal rates went up for over 400k individual, 450k married filing jointly. Long term cap gains went from 15% to 20%.

    There's more.

    •  And if it had been vetoed, (2+ / 0-)
      Recommended by:
      Brecht, CenPhx

      the threshold would be $250k, not $400k. And capital gains would be taxed at a significantly higher rate.

      The latter is more important, as the ultra-rich derive almost all of their income from dividends & capital gains. Had Obama held firm, those giveaways to the have-alls would have expired in their entirety. Instead, the 0.1% get to roll in it - perhaps not quite as much as during the Bush years, but far, far more than if Obama had simply done nothing.

      "Violence never requires translation, but it often causes deafness." - Bareesh the Hutt.

      by Australian2 on Mon Jul 08, 2013 at 04:28:45 AM PDT

      [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site