Obama Calls for New Taxes on Wealthy

Obama called for $1.5 trillion in new taxes to help lower the nation's deficit, saying tax cuts for millionaires and billionaires in the last decade helped add to the country's massive debts. Full Story »

Posted by Fabrice Florin
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Posted by: Posted by Fabrice Florin - Sep 21, 2011 - 11:05 AM PDT
Content Type: Article
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Edited by: Fabrice Florin - Sep 21, 2011 - 11:07 AM PDT

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Fabrice Florin
3.7
by Fabrice Florin - Sep. 21, 2011
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Priscilla L. Davis
3.0
by Priscilla L. Davis - Sep. 24, 2011

These are a bunch of facts thrown together to make a distort. Some of the riches Americans pay very little taxes due to tax loopholes that middle class and low income cannot take advantage of.

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Robin Osborne McMullen
2.8
by Robin Osborne McMullen - Sep. 21, 2011

This is middling journalism. Some assertions fairly represent the facts, some do not. For instance, "An analysis by the nonpartisan Tax Policy Center projects that for 2011, households with more than $1 million in income will have an average federal tax rate of 29.1%, compared to a rate of about 12.4% for households with income of $40,000 to $50,000. The center counts all federal taxes, including income, payroll and estate taxes." This statement makes no mention of effective tax rates due to loopholes, percent of income taxable at capital gains rates, and so on.

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