Wall Street Journal
by John D. McKinnon, Jared Favole, Damian Paletta
| Sep. 20, 2011
Obama called for $1.5 trillion in new taxes to help lower the nation's deficit, saying tax cuts for millionaires and billionaires in the last decade helped add to the country's massive debts.
Full Story »
This is middling journalism. Some assertions fairly represent the facts, some do not. For instance, "An analysis by the nonpartisan Tax Policy Center projects that for 2011, households with more than $1 million in income will have an average federal tax rate of 29.1%, compared to a rate of about 12.4% for households with income of $40,000 to $50,000. The center counts all federal taxes, including income, payroll and estate taxes." This statement makes no mention of effective tax rates due to loopholes, percent of income taxable at capital gains rates, and so on.