Obama To Cut Taxes For the Rich

Nice little scoop from Bob Williams of the Tax Policy Center, who wades into the weeds of the Obama administration's tax plans and returns alive, bearing news that the administration actually cutting taxes for some high-income earners:

The administration's tax proposals call for hiking the top two tax rates from 33 and 35 percent to 36 and 39.6 percent and raising the threshold to get into the new 36 percent bracket. For couples, that bracket would start at $231,300 in 2009, up from $208,850; the starting point for singles would climb from $171,550 to $190,650.

The rate hike we've known about for a while. But the change in threshold is, I believe, new. Of course, Williams quite sensibly complains that changing the threshold (1) makes the original proposal less progressive and (2) will result in raising less revenue. All sensible. But it will surely help insulate the president from the criticism that he is only using the tax code to plunder.

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Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism. He was previously a fellow at The Atlantic and an editor at The Guardian. More

Conor Clarke is the editor, with Michael Kinsley, of Creative Capitalism, an economics blog that was recently published in book form by Simon and Schuster. He was previously a fellow at The Atlantic and an editor at The Guardian. He is also on Twitter.

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