I know, it’s a shocker but The Fact Checker, checked all the facts and declares Paul Ryan to be right.
A rare Geppetto for Paul Ryan’s assertion on Obama’s hidden top marginal tax rate
By Glenn Kessler
Ryan’s speech to the Economic Club of Chicago on Monday caught our attention with its figure of a top marginal tax rate of almost 45 percent. Generally, the media’s coverage of the president’s 2012 budget has focused on Obama’s desire to return the top tax rate to 39.6 percent, the same as it was before the Bush-era tax cuts.
:hl:The top rate is currently 35 percent. So when President Obama said in his speech on fiscal policy last month that the wealthy (those making above $390,050 a year) would “pay a little more,” we thought he meant an extra 4.6 percent. But Ryan is suggesting the increase is much more than that.:hl-:
Who’s right?
The Facts
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[….]
:hl:Put another way, Ryan shows that Obama’s budget would effectively boost the marginal rate for high earners by a hidden 7.5 percentage points, or an increase of 20 percent. For every $100,000 of additional income, about $45,000 would go to federal taxes. (State and local taxes would eat up more; there are no additional Social Security taxes at this income.):hl-:
Only a small number of taxpayers would be affected by this, of course. Most Americans would see little change in their taxes, as they would keep paying the Bush tax rates. Obama also proposed a permanent fix for the alternative minimum tax, which often hikes taxes for upper-middle-income taxpayers.
:hl:But, for the very wealthy, the new taxes could be significant. The Tax Policy Center calculates that the top 1 percent (with income above $643,000) would pay an average of $76,000 in additional taxes. The top 0.1 percent (above $3 million) would pay an average of $414,000 in additional taxes.:hl-:
The Pinocchio Test
:hl:Paul Ryan’s attention-getting figure adds up and appears credible, so Ryan earns the rare Geppetto Checkmark.:hl-:
Read the whole article here to get the facts and figures and to see where he gives Obama only one Pinocchio,
frankly, I think he deserves a good 5 of them.
