Rich Lowry of National Review does not understand how marginal tax rates work

Brad DeLong dishes some snark:

Talking to Tim Noah, Rich Lowry says:

[Warren Buffett] should give all his wealth away…. come move to Westchester County. Move to McLean, Virginia. Move to the suburbs of San Francisco with his wife. Adopt a couple of young kids, so he has a young family again. Make arrangements so that he only makes $250,000 every year. And then let’s see how he likes being lumped in with millionaires and billionaires, as the President does…. And see how he feels about seeing his taxes increased, when he actually has to worry about expenses!

Ummm…

If you increase the marginal tax rate on incomes above $250,000 by five percentage point, then you would increase Warren Buffett’s taxes in this scenario by… wait for it… wait for it… zero.

People I have surveyed so far have voted 12 for the proposition that Rich Lowry does not know how tax brackets work and 2 for the proposition that he does know but is trying to mislead and confuse his audience.

National Review: embarrassing thoughtful conservatives for 56 years…

Why oh why can’t we have a better press corps?

USA Today made the same error not long ago. But you expect that kind of thing from them. Lowry should know better, although his fundamental misunderstanding about income taxes does go a long way toward explaining why National Review has never met a tax cut it opposes.

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About Guy N. Texas

Guy N. Texas is the pen name of a lawyer living in Dallas, who is now a liberal. He was once conservative, but this word has so morphed in meaning that he can no longer call himself that in good conscience. Guy has no political aspirations. He speaks only for himself.
This entry was posted in Economics, News, Politics, Taxes. Bookmark the permalink.

One Response to Rich Lowry of National Review does not understand how marginal tax rates work

  1. hortonw says:

    Wait. Raising taxes on people making more than a million does not raise taxes on people making $250,000? This stuff is so confusing.

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