Tax increase for the 0.7%. Or is it the 77%?

The New York Times summarized the fiscal cliff deal in an article celebrating "the most progressive [tax code] since 1979," that brought "tax increases on the incomes of a small sliver of the richest Americans": The last-minute deal struck by the departing 112th Congress raised taxes on a handful of the highest-earning Americans, with about 99.3 percent of households experiencing no change in their income taxes. The author of the article, Annie Lowrey, repeats her thesis: The result is a tax code that squeezes hundreds of billions of dollars more from the very well off - about $600 billion more over 10 years - while leaving the tax burden on everyone else mostly as it was. Ms. Lowrey's source is the Tax Policy Center, the very same think tank quoted by Bloomberg (hardly a right wing source) in an article titled, "Senate-Passed Deal Means Higher Tax on 77% of Households," which reports: More than 80 percent of households with incomes between $50,000 and $200,000 would pay higher...(Read Full Post)