Since Joe the Plumber remains in the news, I thought I'd do a quick calculation to see how much more taxes Joe would pay if top marginal rates went back to where they were under Bill Clinton.
Let's say that Joe successfully raised his income from $50,000 to $275,000. First, I've got to point out that a $275,000 plumber is not much different than a $275,000 corporate vice-president. But that aside, let's do the math.
Today, Joe's income above $250,000 is taxed at 35%. Since under Obama his taxes below $250,000 remain the same, only the marginal taxes above $250,000 need to be calculated. At 35%, he would pay $25,000 * .35 = $8,750. If Obama raised the top marginal rate to 39.6%, he would pay $9,900. In other words, he would pay $1,150 more after getting a $250,000 raise.
Tell me, would you really feel bad for Joe, making nearly three-hundred fucking grand, for having to pay an extra one-thousand bucks?
