This Great Graphic comes from Ritchie King at Quartz. Follow the link and you can access an interactive aspect and see your effective tax rate back to the eve of WWI, if you 'd like.
What is striking is that for most incomes, the effective tax rate is lower than in 1980 and yet cost of the basket of goods and services the government provides has risen and that basket has been expanded, by both Republicans and Democrats.
What is striking is that for most incomes, the effective tax rate is lower than in 1980 and yet cost of the basket of goods and services the government provides has risen and that basket has been expanded, by both Republicans and Democrats.
King went further and showed the effective tax rate for a $1.5 mln income under Obama's proposal and Boehner's Plan B, which appears to have died an embarrassing death; killed by a wing of the Republican Party.
Obama would have the person earning a $1.5 mln income to pay $552,126 of income tax, a 36.8% effective tax rate. Under Plan B, the same person would pay $523,889 in income taxes, a 34.9% effective tax rate. The difference of $27,237. As we have argued before, the difference is not about ideology, but about politics and personality.
Obama would have the person earning a $1.5 mln income to pay $552,126 of income tax, a 36.8% effective tax rate. Under Plan B, the same person would pay $523,889 in income taxes, a 34.9% effective tax rate. The difference of $27,237. As we have argued before, the difference is not about ideology, but about politics and personality.
Great Graphic: Chart Your Effective Tax Rate
Reviewed by Marc Chandler
on
December 21, 2012
Rating:
Reviewed by Marc Chandler
on
December 21, 2012
Rating:
