Chart of the Day

Take a good look at this Fox News Channel chart showing what will happen to the top marginal tax rate if the Bush tax cuts expire at the end of the year.

Holy shit! The top bracket will explode!

Actually no. Check out the numbers on the right side of the graph. The margin is only four points but up-close the margin looks gigantic. To correct the record, Media Matters created a more realistic graph showing a zero-39.6 percent spread.

While I’m here I’d like to repeat: if any rich person really pays 39.6% as their effective tax rate, they should fire their dingus accountant for gross incompetence.

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  • http://phydeauxpseaks.blogspot.com Bob Rutledge

    But it clearly shows that the put-upon, unlamented and downtrodden rich will have to pay at least 5X AS MUCH AS THEY PAY NOW!!1!!one!!!

  • D_C_Wilson

    And of course, Fox conveniently “forgot” to mention that the top rate only applies to income over $250,000. They always imply that if you’re making $250,001, you’ll pay 39.6% on the whole nut.

    • muselet

      It is remarkable how few people understand tax brackets.

      –alopecia

  • BenAu

    This is a textbook example of how to lie with the truth.

    Whoever did up this graphic can expect a job offer from Romney’s campaign in the near future.