October 15, 2012

FACT-CHECKING THE NEW YORKER: “But let’s give her a little room for rhetorical license — surely there are plenty of middle-class Americans who pay, say, a 35 percent tax rate, and lots of millionaires and billionaires pay a 14 percent rate, right? Well, no, not at all: Yes, when you rank Americans who earn $1 million a year or more by tax rate paid, the average rate in their 25th percentile is 12.6 percent, meaning a bit more than 25 percent of them pay less than a 14 percent federal rate. But almost no one in the middle class pays a 35 percent rate: Even the 90th percentile of those most beholden to the IRS in the $100–200,000-a-year income group (to define “middle class” generously for Ms. Freeland) don’t pay a 35 percent rate; they pay a 24.6 percent rate. We’re told Newsweek doesn’t employ fact-checkers anymore — but The New Yorker still does, right?”

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