Ryan Is Right—Top Rate to Be 45% under Obama

In his May 16 speech to the Economic Club of Chicago, Representative Paul Ryan said that President Obama wants to raise taxes, including raising the top rate to 44.8 percent (the current top rate is 35 percent). Glenn Kessler, the Washington Post’s fact checker, points out that most of the media’s coverage of the president’s 2012 budget has focused on the president’s desire to return the top tax rate to 39.6 percent, the same as it was before the Bush-era tax cuts. “The top rate is currently 35 percent,” Kessler wrote. “So when President Obama said in his speech on fiscal policy last month that the wealthy (those making above $390,050 a year) would ‘pay a little more,’ we thought he meant an extra 4.6 percent. But Ryan is suggesting the increase is much more than that. Who’s right?”

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Ryan Is Right—Top Rate to Be 45% under Obama

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