America’s “Progressive” Tax Rates Aren’t Very Progressive At All

Timothy Noah  of the New Republic asks how progressive our tax rate really is. The answer? Not very:

If you ask me, 17 percent to 29 percent isn’t a very progressive spread. Worse, the top one percent’s effective tax rate (29 percent) is a mere four percentage points higher than the effective tax rate (25 percent) for the middle fifth, whose average income is $42,000, as against–let me say it again–the one percent’s $1.4 million.

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