Saturday, January 5, 2013

In another sign...

...that the pendulum may be swinging away from the Reagan Years (which, by the way, created Reagan, not the other way around; but that's the subject of another post), the New York Times reports that the "Tax Code May Be the Most Progressive Since 1979." 

From the article (my emphasis): 

By some measures, the tax code might now be the most progressive in a generation, tax economists said, while noting that every American is paying a lower burden currently than they did then. In fact, the total federal tax rate is still vastly lower for the very rich than it was at any point in the 1940s through 1970s. It has risen from historical lows, but is still closer to those lows than where it was in the postwar decades. 

“We made the system more progressive by raising rates at the top and leaving them for everyone else,” said Roberton Williams of the Tax Policy Center, a research group based in Washington. 

Indeed, over the last three decades the bulk of pretax income gains have gone to the wealthy — and the higher up on the income scale, the bigger the gains, with billionaires outpacing millionaires who outpaced the merely rich.

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