Tax and Spend

Two good posts on taxes and spending.

First, The Baseline Scenario discusses what that "Washington" thing is that eats our tax dollars.

[The Baseline Scenario - What is this Washington]

Next, Conservative Bruce Bartlett looks at the 50% who don't pay any Federal income taxes.

[Who doesn't pay Federal Income Tax?]

of note is this

There are 78,000 tax filers with incomes of $211,000 to $533,000 who will pay no federal income taxes this year. Even more amazingly, there are 24,000 households with incomes of $533,000 to $2.2 million with zero income tax liability, and 3,000 tax filers with incomes above $2.2 million with the same federal income tax liability as most of those with incomes barely above the poverty level.

and this

Perhaps the right and left can at least agree that it is unseemly for those in the top 1 percent of income distribution, with incomes at least 10 times the median income, to pay no federal income taxes. It’s not socialism to ask them to pay something.

Tax rates on the super rich need to be raised.

tnb