Pop quiz, hotshot. Which fiscal cliff plan raises taxes on the rich more, President Obama's or Bowles-Simpson?
The answer is ... both. Obama's plan increases taxes more on the top 1 percent, but Bowles-Simpson increases taxes more on the top 0.1 percent. The chart below breaks down the top-end tax increases in the Obama and Bowles-Simpson plans over the next ten years. There's $1.36 trillion in new revenue for Obama and $1.253 trillion for Bowles-Simpson from the top 1 percent, versus $753.6 billion in new revenue for Obama and $834.6 billion for Bowles-Simpson from the top 0.1 percent. That's the difference between class warfare and super-class warfare.*
The answer is ... both. Obama's plan increases taxes more on the top 1 percent, but Bowles-Simpson increases taxes more on the top 0.1 percent. The chart below breaks down the top-end tax increases in the Obama and Bowles-Simpson plans over the next ten years. There's $1.36 trillion in new revenue for Obama and $1.253 trillion for Bowles-Simpson from the top 1 percent, versus $753.6 billion in new revenue for Obama and $834.6 billion for Bowles-Simpson from the top 0.1 percent. That's the difference between class warfare and super-class warfare.*
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