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Reply to "Can we stop referring to households making $200 or 300K a year as "middle class"?"
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[quote=Anonymous][quote=Anonymous]You are, of course, wrong. Here's a graph of the effective tax rate by income: http://cdn.theatlantic.com/static/mt/assets/business/effective%20tax%20rates%20by%20income%20group%202009.png Note the drastic increase in taxes as you go from 100k to 500k per year in income. This is because at this income level, you hit the highest percent marginal bracket and deductions start fading away.[/quote] I'm not disputing that. That's how progressive taxation works. What I'm saying is that since $250,000 seems to be the official "cutoff" (Obama, Romney both said that), people making say $300K wouldn't really be impacted that significantly if a new bracket was added at $250K since the first taxable $250K wouldn't be impacted. [/quote]
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