Must-see chart shows winners in ‘fiscal cliff’ deal

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Looking back at the fiscal cliff negotiations, Jamelle Bouie (via the Daily DIsh) is disappointed by the narrow focus of the debate:

I’ve said this before, but it makes no sense to include all income above a given limit in the same tax bracket. In 1960, there were 17 brackets above $35,000—roughly $250,000 in today’s dollars—going up to $400,000 in annual income, or $3 million, adjusted for inflation. Now, there’s a single one.

This presents an obvious problem for liberals—by placing every high income person in one bracket, it binds the interests of the sorta-rich, the rich, and the super-rich. Instead of a small number of truly wealthy people pushing for lower tax rates, you have a broader coalition of the well-off. Which is to say that if tax reform is on the table this year, then there needs to be a push for more brackets at higher incomes.

 

 

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.