Who Pays the Taxes in the United States? And Why?

Today is Tax Day, and you’ve probably noted a few different narratives swirling around concerning taxes. One narrative is that the top earners in the US pay a disproportionate amount of taxes. This is known as a progressive tax rate. But other commentators have noted that the progressive tax rate applies for Federal income taxes but not for other taxes. If you consider all taxes—payroll, state, and local—the tax rate starts to look almost proportional percentage-wise. First, the top ten Read more […]

Total US Debt Over $18 Trillion

The total US debt has just jumped over the $18 trillion mark for the first time ever. With all of the other major problems we are facing as a country, this one might be the crow bar that finally shatters the camel’s back: It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the “benefit” of R&D and intangibles. Without said definitional Read more […]

Media Blame Conservatives for Ratings’ Downgrade

So Moody’s is threatening to downgrade US debt from AAA to Aaa. This gives reporters fodder for interrogating Republican politicians because they need to “do more.” The Associated Press reports: Moody’s Investors Service said Tuesday that it would likely cut its “Aaa” rating on U.S. government debt, probably by one notch, if budget negotiations fail. Boehner was asked at a Capitol Hill news conference how confident he was that negotiations would prevent the government from hitting the so-called Read more […]