Troubling Favoritism in the U.S. Tax Code - NYTimes.com

Mitt Romney - The 1 Percent (Photo credit: Cory M. Grenier)

Troubling Favoritism in the U.S. Tax Code - NYTimes.com:

 "My adjusted gross income was higher than in 2010. Yet my overall tax rate went down. My alternative minimum tax also went down. Wasn’t the opposite supposed to happen — the more you make, the higher rate you should pay?

I called my accountant to double-check, but my returns were correct. This perverse outcome proves that what I’d already discovered about the ultrarich also holds true for people who are far from the million-dollar bracket: our tax code isn’t progressive. It’s not even flat. For people like me — and I assume there are millions of us — it’s regressive. For many people, the more you make, the lower the rate you pay."



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