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Fox News Lies about Taxes

August 2, 2009

Fox News Sunday broadcast a really short interview today, about 1:40pm Mountain Standard Time, with Joseph McAlinden of Catalpa Capital. He commented on data put out by the Tax Foundation.org that’s designed to make the casual observer believe that the rich pay too much in taxes.

The problem is that the Tax Foundation’s numbers have been debunked for years, by neutral parties such as the Congressional Budget Office and the Center on Budget and Policy Priorities. See The Oregon Center for Public Policy calls the Tax Foundation wrong.

It’s common knowledge that the Tax Foundation’s numbers are criticized year after year. But the Fox News interviewer never once challenged McAlinden’s numbers. Just shook his head, gasped and made tsk-tsk noises. Those poor rich people and all the taxes they pay!

Truth is, taxes on the rich were much higher during the 1950’s and 1960’s, an era almost everyone agrees was smack in the middle of the United State’s largest economic expansion ever.

The top marginal income tax rate shot up from 25 percent to 63 percent under Herbert Hoover in 1932, climbed as high as 94 percent during World War II, and stayed at 91 percent during most of the 1950s and early ’60s.

Quote from Reason.com

The top tax rate — the income-tax rate on the highest bracket — is now 35 percent, half what it was in the 1970’s.

By the time the Bush [2001 & 2003] tax cuts have taken full effect, people with really high incomes will face their lowest average tax rate since the Hoover administration.

Quotes from The Unofficial Paul Krugman Website, text originally published in the New York Times, 9.14.03

Fox News is just stupid. Fair and Balanced my a$$!

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