Thursday, January 7, 2016

The Real Reason Rich People Hate Obama

Yeah, they're not just right-wing racist hypocrites (though they are that). They are protecting their money. This article from Vox explains what's behind their animosity, complete with a great graphic:

(Paul Krugman)
The article explains:

As you can see, the Bush years were very kind to the superrich, and Obama's first term didn't hurt them very much because Bush's tax policies were largely continued. That changed at the end of 2012, when the Bush tax cuts were scheduled to expire and were replaced by new legislation that kept Bush-era rates for most people but raised taxes on families earning more than $450,000 a year.

And: "But this chart is an important reality check — when tax rates go up, rich people pay higher taxes."

No comments: