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Wyden’s Tax Proposal

Good coverage in Blue Oregon. I particularly like this tidbit:

Right now, a teacher and truck driver making a combined $60,000 pay a 25% tax rate on their last dollar of income (that’s not their overall rate, but the marginal rate; if they get a $1,000 raise, they pay $250.) But if Paris Hilton or Bill Frist buys and sells some Halliburton stock for a $100,000 profit, they only pay 15%. And those are not unfair examples. According to a New York Times article last year, capital gains and dividends make up, on average, 3 to 4% of the income of people who make less than $100,000 … but 24.7% of the income of those who make between $500,000 and $1 million, 37.6% of the income of those making between $1 and $10 million, and 61.4% of the income of those making over $10 million. As a result of favorable tax treatment for these forms of income, as Pulitzer prizewinning tax reporter David Cay Johnston has noted, the richest 400 Americans pay a lower Federal tax rate than the merely rich, people making, say, $300,000 a year.

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