Posts Tagged ‘progressive’

Seal of the United States Internal Revenue Ser...

From the IRS’ Fall 2010 publication, Individual Income Tax Returns, 2008, we see that the “progressive” federal income tax ceased to be so for those who made more than $2 million in 2008.

The effective tax rates for those who made at least $200k were (from page 11):
$200k to $500k – 19.5%
$500k to $1m – 23.9%
$1m to $1.5m – 24.7%
$1.5m to $2m – 24.8%
$2m to $5m – 24.6%
$5m to $10m – 23.8%
>$10m – 20.9%

The 13,000 who made more than $10 million paid a lower effective tax rate in 2008 than the 578,000 who made between $500,000 and $1 million.

The reason for this is made clear in the same chart, showing a steady increase in the proportion of “unearned” income from capital gains and dividends, which were taxed at a top rate of 15%, compared to the top rate of 35% for “earned” income.

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Someone on the forums at somethingawful.com included this site as one of their best news sources, and categorized it as liberal/progressive, along with the top 1% rated crooksandliars.com.

Perhaps it’s because he read these articles:
“CIGI’09: Towards a Global New Deal (Without the Average Person),” or
“The Voice of the Working Man,” or
“Voters in 14 out of 15 states with a higher than average number of households making $200K+ voted for the presidential candidate who promised to raise their taxes!”

But I wonder if the author knew that 4 of my articles have been posted on Alex Jones’ Infowars.com and Prisonplanet.com, or if he/she read any of these articles:
“The first step in health care reform: recognizing that health care is not a right,” or
“President Bill Clinton in 1996: “The era of big government is [NOT!] over — 13 years later,” or
“Why the Federal Reserve central bank of the United States is illegal”

Still sound liberal/progressive to you? FauxCapitalist.com: beyond definition!

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