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White House Proposes "Wealthy Tax"
President Obama is proposing a new tax rate for people making over $1m a year. The new rate is part of a larger plan which seeks to bring in $1.5 trillion in new tax revenue and is sure to meet opposition in congress. From the article: "The core of the president's plan totals just more than $2 trillion in deficit reduction over 10 years. It combines the new taxes with $580 billion in cuts to mandatory benefit programs, including $248 billion from Medicare." GOP Rep. Paul Ryan of Wisconsin said, "Class warfare may make for really good politics but it makes for rotten economics."
Remember how awful the economy was when Clinton was president? Eight horrible years of peace and prosperity, thank God that's long gone.
Going back as far as 1950, higher top marginal rates are (weakly) correlated with improved economic growth, not reduced economic growth ( http://golem.ph.utexas.edu/~distler/blog/archives/002279.html ).
Number of households in the United States filing tax returns: 140,494,127
Number of households in the United States filing tax returns with incomes of $1,000,000 or more: 236,883
Percentage of households in the United States filing tax returns with incomes of $1,000,000 or more: 0.19959471529%
Percentage of households in the United States filling tax returns with incomes of less than $1,000,000: 99.80040528471%
Number of people in the US living at or below the poverty line in 2001: 34,570,000
Number of people in the US living at or below the poverty line in 2010: 46,200,000
Percentage of US population living at or below the poverty line in 2001: 12.1%
Percentage of US population living at or below the poverty line in 2010: 15.1%
Of those living at or below the poverty line in 2010, the percentage that are 18 years old or younger: 35.5%
Of those living at or below the poverty line in 2010, the number that are 18 years old or younger: 16,401,000
Total number of people living in the United States, as of September 19, 2011: 312,204,000
Maximum number of people living in the United States who would be affected by President Obama’s proposal to impose a minimum tax rate on those earning more than $1 million a year : 450,000
Highest possible percentage of people living in the United States who would be affected by President Obama's proposal to impose a minimum tax rate on those earning more than $1 million a year: 0.144136526118%
Number of people in the United States who would not be affected by this tax increase: 311,754,000
Lowest possible percentage of people living in the United States who would not be affected by President Obama's proposal to impose a minimum tax rate on those earning more than $1 million a year: 99.855863473882%
All stats derived by me from Census.gov using 2010 and 2011 census data, and from IRS.gov data using 2009 data, the most recent year for which reporting, especially Adjusted Gross Income (AGI) information, was available.
The first person to invoke Census.gov or IRS.gov conspiracy theories will receive my 1st Annual Stannous Fedora Trophy. Please reply with your mailing address, so I'll know where to send this very special award.