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View Diary: Obama Wants To Cut Taxes For The Rich. (127 comments)

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  •  No (3+ / 0-)
    Recommended by:
    musing85, Eddie L, laker

    "If Obama gets his way, those making over $250k will pay less in taxes than if Congress does nothing."

    •  Alright I Think I Understand Now (3+ / 0-)
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      jpmassar, Eddie L, Deep Texan

      Because the brackets Obama is proposing would keep $250k and below levels "lower" than they were at 1998 levels, everyone will benefit from this INCLUDING rich people... because they will be paying less on the first 250k, and the first 42k, etc.

      Because that's how progressive taxation works.

      The alternative (charging a higher tax rate to ALL money earned for people in a certain income bracket) would mean someone making $249,999 a year would have a higher net income than someone who made $250,001 a year, which... I think would be very very stupid.

      I think it's more accurate to say that Obama wants to keep the $250k and below rate at "Bush Tax Cut Levels", and BECAUSE of the DICTIONARY DEFINITION of progressive taxation, this will result in a net smaller tax burden for everyone which includes rich people.

      Well... sort of.

      Because since the rich have gotten RIDIUCLOUSLY richer than they were in 1998, this will still be a net increase in their overall tax burden, even relative to the decrease for the middle class.

      So I do understand what you are saying, and you are technically "correct" while your headline is extremely misleading at best.

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