Citizens for Tax Justice has outdone themselves with their latest spin on the ‘fiscal cliff’ tax hike-suggesting it’s much ado about nothing and the “rich” are still getting off relatively easy. Well, given the CBO data below from last year, how did they come up with the idea that our tax code isn’t progressive enough? Wow…where to start? In order to hike the wealthy’s income they had to include corporate profits, unrealized capital gains, and employer FICA payments as personal earnings! Moreover, they include state and local taxes in the calculations when the ‘fiscal cliff’ grab is all about FEDERAL policy and tax burden. I guess the premise is it’s OK to hike the federal rates because state and local goverments aren’t taxing enough! What a hoot, but keep it mind whenever you see anything from CTJ!
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