Paul Krugman, by his own admission, has been drooling over the release of the IRS’s 2013 tax tables. If you’re still awake after reading that sentence, congratulations! You have the stamina of a bull! But seriously, while tax codes and forms and statistics and charts and zzzzzzzz….. may be boring as all hell to you and me, they’re still useful. Specifically, they’re useful in determining the impact of Obama’s Nazi Socialist Commie Homosexual Muslim Agenda™ on America.
And no matter how “disappointed” you are that Obama did not turn the United States into Utopia, he still managed to do something amazing:
According to the new tables, the average income tax rate for 99 percent of Americans barely changed from 2012 to 2013, but the tax rate for the top 1 percent rose by more than four percentage points. The tax rise was even bigger for very high incomes: 6.5 percentage points for the top 0.01 percent.
And what does that mean? It means Obama, that terrible, terrible disappointment that supposedly only serves his corporate masters took a large bite out of Reganomics:
But the available numbers are consistent with Congressional Budget Office projections of the effects of the 2013 tax increases — projections which said that the effective federal tax rate on the 1 percent would rise roughly back to its pre-Reagan level. No, really: for top incomes, Mr. Obama has effectively rolled back not just the Bush tax cuts but Ronald Reagan’s as well.
Any economist not working for a billionaire’s think tank will tell you in no uncertain terms that Reagan’s (and Bush’s) claims were total bullshit. Giving more money to the rich does not improve the economy, it only makes the rich richer and hurts everyone else. Since the 80s, we’ve handed billions every year to the rich and they took that money and invested it in buying politicians and factories in other countries. Now we have definitive proof, in the form of the strongest job growth since the Dot Com bubble of the 90s, that taking those tax cuts away will not hurt the economy in any way whatsoever.
Featured image via Business Insider