Quote of the Day

"Almost 70 percent of the federal revenue is provided by the top 10 percent of taxpayers now. Between 45 percent and 50 percent of Americans pay no income tax at all. We have an extraordinarily progressive tax code already. It is a mess and needs to be revisited again."--Mitch McConnell, Senate Republican Leader, explaining why the United States needs to lower taxes on the rich, repeal the Affordable Care Act, and slash "entitlement" programs such as Medicare, Medicaid and Social Security.

"Extraordinarily progressive."

Mitch, I do not think this means what you think it means.

Or perhaps you can explain to me how a tax code with a top marginal rate that is significantly lower than it was under noted Communists Reagan, Nixon AND Eisenhower could be described as "extraordinarily progressive" ? (And here's a little international perspective on that. Hint: The U.S. is still not looking "extraordinarily progressive"!)

Then again, forget I asked. I don't think I really want to hear any more economic wisdom from someone who says that because 40-50% of Americans are too poor to owe income tax, we should slash the programs that are helping to keep them (barely) afloat.

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