Howard Gleckman forwards along an analysis by Rachel Johnson:
If Washington is going to need new tax revenues to bring the deficit under controlwhich it inevitably will I increasingly wonder where the cash is going to come from. If you listen to what President Obama has been saying in recent days, it appears that while corporations and nearly all individuals and families would avoid any tax hit at all, a handful of high-income households would get socked with major increases.
These tax hikes would be so big, in fact, that top-bracket taxpayers might end up paying a rate of 67 percent on ordinary income and nearly 50 percent on capital gains.
Gleckman notes that this "isn’t going to happen." Really? Go read Chait. He's almost drooling at the prospect.
We want to hear what you think about this article. Submit a letter to the editor or write to firstname.lastname@example.org.