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New this morning from the wonks at the Center on Budget and Policy Priorities:

“Federal taxes on middle-income Americans are near historic lows, our updated report explains, and that’s true whether you’re talking about federal income taxes or all federal taxes.

When it comes to income taxes, a family of four in the exact middle of the income spectrum will pay only 5.3 percent of its 2013 income in federal income taxes next year, according to a new analysis by the Urban-Brookings Tax Policy Center….”

Read the rest of this post by clicking here.

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The good people at Next New Deal are releasing a series of articles that explain in easy-to-understand terms the kinds of policies the Obama administration ought to pursue in its second term in order to restore prosperity and shrink the gap between haves and have nots.

Yesterday, in one of the better ones, Mark Schmitt spells out three principles for restoring progressive taxation that are worth your time to consider.

“Our current tax system is a toxic legacy of the George W. Bush years. It loomed over Obama’s first four years, Read More

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And speaking of regressive, counter-productive tax policies, check out this new report released this morning, which shows that recent proposals from Republican leaders in the U.S. House and Senate would extend lucrative tax breaks for 140 multi-million-dollar estates in North Carolina while letting tax improvements expire for 522,645 moderate-income North Carolina working families with 1.1 million children.

Sounds like pretty standard right-wing trickledown/flood-up economics.

NC Budget and Tax Center, Uncategorized

The Economic Policy Institute released a telling graph this week on the distribution of tax filers by adjusted gross income.  The finding is that over 87 percent of taxpayers make less than $100,000 in adjusted gross income. Furthermore, those earning just under a million make nearly 20 times the average household.  Definitions of middle-class may certainly vary but this data confirms that reasonable definitions certainly would find the upward bound is below $250,000 a year.  This will be important as debate continues in earnest on the Bush tax breaks and their impact on the middle-class.