Happy tax day! Republicans are excited they beat back a nefarious attempt to ensure that people who make $1 million a year pay 30 percent in taxes, even though that idea is overwhelmingly popular, and even though the need is screamingly obvious:
In fact, "The 400 highest income filers paid an average tax rate of 16.6 percent in 2007 (before the Great Recession)" and "In 2011, the top 1 percent of households by cash income received 75.1 percent of the benefit from the preferential treatment of capital gains and dividends. The middle class, meanwhile, received only 3.9 percent of that benefit." No wonder that, while a plurality of Americans believe they pay too much income tax, far more believe the system benefits the rich. But it's not just the wealthy: Tax rates are lower even for average families and corporate tax revenues are a much smaller share of the economy than was historically the case.
All of this matters, because if the deficit continues to be fetishized and we let wealthy individuals and corporations pay less than their fair share, the only thing left on the table is massive cuts to programs we all care about. Programs that could be paid for by cutting tax deductions and loopholes, including first and foremost the low tax rates on investment income.
Just a little tax day reminder of some things Republican politicians are trying really hard to make us forget.