Think Progress illustrates how President Obama’s tax plan would actually effect taxpayers earning $250,000 and above:
But as a new report by The New York Times detailed yesterday, even a significant minority of those making over the $250,000 threshold would see no increase under Obama’s tax plan, and for the rest the added burden would be minor in comparison to the size of their incomes:
A close look at the president’s plan shows that a large majority of families making up to $300,000 — as well as hundreds of thousands of families with even larger incomes — would not pay taxes at a higher marginal rate. [...]
While the president has said that he wants to raise tax rates for the top 2 percent, only about 1 percent of taxpayers will face higher marginal rates, according to an analysis by the Tax Policy Center, a widely respected research group.
[...] That $1.6 trillion in revenue can be raised by applying a relatively small tax burden on a very narrowly defined set of Americans is an indication of how extreme and concentrated income inequality has become in America. It also reveals why multiple studies, the latest from the International Monetary Fund, have concluded that Obama’s preferred set of tax increases will have a negligible effect on economic growth — the income being hit is largely separate from the low and middle-income Americans who provide the bulk of the demand driving the economy.
An extra $1.6 TRILLION IN REVENUE! When will the House Republicans stop defending the greed of the elites? Common sense tells us that people who take tax deductions for dancing horses, who would rather bankrupt companies and layoff workers rather than reduce executive salaries and bonuses and share profits, and who have — for decades — redirected billions (trillions?) of dollars from the national treasury and the working and middle-class to their own personal (offshore) bank accounts can absolutely, positively, undeniably afford to pay a few extra percentage points in federal taxes.