Congress just passed, and Obama just signed, the "American Taxpayer Relief Act of 2012" (aka "ATRA").
Since Obama won the election, we know that ATRA shifted the federal tax burden from working people towards the top 2%. Right?
The percentage increase, by household income group, of federal tax burden, from last year to this year:
As expected, everyone's taxes went up. But the poor got hit with a 120.9% tax hike.
Before the comment section fills up, I do realize that those earning $500,000 pay more taxes in terms of absolute value than someone earning $20,000. (In fact, I used to be a Republican).
For example, a family earning $20,000 that had a $2,000 federal tax bill could see their taxes go up to $4,418 -- an increase of $2,418.
Meanwhile, a young stock trader making $500,000 on Wall Street might see his federal taxes go from $75,000 to $77,850 -- an increase of $2,850.
$2,850 is bigger than $2,418. Therefore, Congress is soaking the rich! Your logic is impeccable. Now go fuck yourself.
Seriously, which family can better absorb a big tax hike?
As the poor already pay much more in taxes as a share of their income, this is horrible news for those families hit hardest by the recession.
Mitt Romney famously said: "I'm not concerned about the very poor."
It appears that Obama and Congress feel the same way.
Source: Tax Policy Center