December 9, 2012
Tax Arithmetic Shows Top Rate Is Just a Starter (JACKIE CALMES, 12/09/12, NY Times)
Even if Republicans were to agree to Mr. Obama's core demand -- that the top marginal income rates return to the Clinton-era levels of 36 percent and 39.6 percent after Dec. 31, rather than stay at the Bush-era rates of 33 percent and 35 percent -- the additional revenue would be only about a quarter of the $1.6 trillion that Mr. Obama wants to collect over 10 years.
When returning to the rate that obtained at the time of the world's greatest economic boom cuts the deficit that much you can tell how unserious all the posturing about a "cliff" is.
Posted by Orrin Judd at December 9, 2012 12:43 PM