Tuesday, March 1, 2011
Meanwhile, there is this. Chart from American Progress. Photos from the recent rally in Austin Texas, photographer yours truly.
Note that 44 billion dollars is $130 per capita, or about $500 per household, or about $50,000 per top-percentile-household. Since we are clearly undertaxed in aggregate, the Bush tax cuts amount to a transfer of $500 from every household among the poorest 90% of households to every household among the richest 1%. I wish somebody could explain this effectively to the tea party. That same $50,000 going the other way would really have a lot more utility.
I think it would be crazy to let the richest 10% off the hook and just increase taxes on everybody else $500. But even that would be sensible compared to what is actually happening in response to this engineered crisis.
Posted by Michael Tobis at 6:56 PM