Thursday, April 19, 2012

How Americans pay their taxes

Via: The Atlantic and Center on Budget and Policy Priorities via Taxprofblog  h/t

Great big picture review.  Note the big increase in the share of federal taxes coming from the payroll tax.  That’s was Ronnie Reagan’s great sleight of hand, to raise this regressive (because not capped; it would be fine if it were proportional all the way up) tax while lowering top income tax rates across the board so conservatives can crow that “half of Americans don’t pay any [federal] taxes,” a line that is still repeated as if true by journalists and political whores even today.

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