How Obama’s tax hikes would really impact the rich, in three easy charts

[ProSense]

How Obama’s tax hikes would really impact the rich, in three easy charts

By Greg Sargent

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I asked the nonpartisan Tax Policy Center to analyze how Obama’s policies would impact the after tax income of people at all levels, and to compare those results to people’s after tax income under previous tax regimes.

The Tax Policy Center graciously agreed to my request, and looked at what taxes people would pay in 2013 under various tax regimes, when the Obama proposals would take effect. The Center drew up the answers in graph form (editorial conclusions are mine; the numbers are theirs). Here’s the first result:



Here’s how the chart works. In each income group in the top 20 percent — measured here by “percentile” — the blue line represents Clinton-era tax rates; the red represents Bush-era tax rates; and the green represents tax rates under Obama’s first stimulus tax cuts.

The purple and light blue represent what after-tax income would look like for each percentile if Obama’s tax policies were enacted. The blue one includes new taxes from the health reform law that are set to take hold in 2013, and the purple one doesn’t include those taxes. Throughout, I’ll be referring to the one including the health law taxes — the light blue line — because that’s the most onerous scenario.

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[Tarheel_Dem]

1. K & R

:kick:

[ProSense]

2. Kick! n/t

[PufPuf23]

3. The charts would be much more illuminating if they

were in revenue rather than percentile of population and tax rate.

[ProSense]

4. Here's

a table with the numbers (PDF)

Also, here's a table with the after-tax incomes.

See the update to the original piece.