NEW THINGS: @21;10, 12/16/11 8

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TimesPeople recommended a user:
Dec 15, 2011
10keytramp
- Anna Shethar posted to Twitter a biography:
  Jul 9, 2011
  Bomb Took 3 Limbs From Giles Duley, but Not His Can-Do Spirit
  “Bomb Took 3 Limbs From Giles Duley, but Not His Can-Do Spirit - http://nyti.ms/qkmIEg. Good read enjoy. #JOU225 @10keytramp. ”
  Most recent in the Times.
  http://en.wikipedia.org/wiki/Giles_Duley
  ^ New York Times. "British Photographer Is Wounded in Afghanistan", New York Times, New York, 11 February 2011. Retrieved on 2011-10-09.
  
  ^ http://www.amnesty.org.uk/events_details.asp?ID=1631
  
  ^ BBC News. "Injured photographer Giles Duley wants Afghanistan return", BBC News, UK, 9 October 2011. Retrieved on 2011-10-09.
  
  ^ NY Times [1], The New York Times USA, 8 July 2011. Retrieved on 2011-10-22.
  
  ^ http://www.kkoutlet.com/art/2011/giles-duley
  
  ^ http://gilesduley.com/index.php#/about
  http://gilesduley.com/index.php#/about
  
  Galleries
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Dec 15, 2011
was-fa@minbuza.nl
- Henry recommended a blog post:
  Mar 7, 2011
  Does IMF Stand for Impressive Macroeconomic Flexibility?
  So the IMF is holding a meeting on rethinking macroeconomic policy (I was invited but couldn’t make the timing work.) And the Fund’s chief economist has already made it clear that he’s open to some serious revision of the prevailing paradigm.
  
  http://bonddad.blogspot.com/2011/12/no-really-austerity-is-very-bad-idea.html
  
  http://www.electricpolitics.com/index.html
  
  http://idealab.talkingpointsmemo.com/2011/12/stop-online-piracy-act-delayed-opponents-declare-temporary-victory.php?ref=fpb
  
  http://www.nakedcapitalism.com/2011/12/links-121611.html
  
  George Washingston on SOPA: America’s Future: Russia and China Use Copyright Laws to Crush Government Criticism
  By George Washington. Cross posted from Washington’s Blog.
  
  Leading American Internet businessmen warn that the draconian copyright bill on the verge of being passed by Congress would let the US government use censorship techniques “similar to those used by China, Malaysia and Iran.”
  If you want to know what the United States would look like after this bill is passed, just look at what’s been happening in Russia: The Russian government has been crushing dissent under the pretext of enforcing copyright law.
  As the New York Times noted last year:
  Across Russia, the security services have carried out dozens of similar raids against outspoken advocacy groups or opposition newspapers in recent years. Security officials say the inquiries reflect their concern about software piracy, which is rampant in Russia. Yet they rarely if ever carry out raids against advocacy groups or news organizations that back the government.
  ***
  Recent Items
  
  George Washingston on SOPA: America’s Future: Russia and China Use Copyright Laws to Crush Government Criticism - 12/16/2011 - Lambert Strether
  
  Links 12/16/11 - 12/16/2011 - Yves Smith
  
  Bill Black: Dante’s Divine Comedy – Banksters Edition - 12/16/2011 - Yves Smith
  
  ECB Success and Folly - 12/16/2011 - Yves Smith
  
  Links 12/15/11 - 12/15/2011 - Yves Smith
  Friday, December 16, 2011
  Links 12/16/11
  Dear readers,
  Lambert Strether will be guest DJing tomorrow and Sunday! If you send links ideas to me, be sure to include Lambert at lambert_strether.corrente (at) yahoo.com.
  Tobacco industry dying? Not so fast, says Stanford expert Stanford News (hat tip Doug Smith)
  Airline launches maiden flight with transsexual attendants ThaiVisa (hat tip reader furzy mouse). This is cool. Thai trannies are really cute. See?
  Addicted To Risk Naomi Klein TED via Huffington Post (hat tip reader Aquifer)
  As Doctors Use More Devices, Potential for Distraction Grows New York Times (hat tip reader Aquifer)
  Infinite Stupidity Edge (hat tip reader Aquifer)
  US Sentinel Drone Fooled Into Landing With GPS Spoofing Slashdot (hat tip reader bob)
  Exclusive: Iran hijacked US drone, says Iranian engineer Christian Science Monitor (hat tip reader furzy mouse)
  French leaders declare a war of words on Britain Telegraph. Swedish Lex writes: “France launches a pre-emptive populist & vote-seeking missile strike across the Channel while awaiting its downgrade.”
  Irish Economy Shrinks 1.9% — Has Its Worst Quarter Since Q1 2009 Clusterstock. So what about that urban legend that austerity was finally producing positive results in Ireland?
  How James Murdoch’s phone-hacking cover-ups went belly-up Guardian (hat tip Buzz Potamkin)
  US Congress fights China on all fronts Asia Times (hat tip reader Paul S)
  Congress reaches spending deal Washington Post
  The People and the Patriots Boston Review (hat tip reader David J)
  All Your Rick Perry Gay Sex Rumors Collected in One Handy Book Gawker (hat tip reader furzy mouse)
  Jon Huntsman leapfrogs Ron Paul in New Hampshire, says poll Christian Science Monitor (hat tip reader furzy mouse)
  Pennsylvania police officer filmed firing taser at teenage girl – video Guardian
  Wis. woman, 84, stands firm against voter-ID law McClatchy (hat tip Buzz Potamkin)
  The assholocracy Language Log
  The scandal of the Alabama poor cut off from water BBC. Since my mother lives in Jefferson County, I had wanted to post on this, but now am too late. This situation is horrific (she pays $50 a month as a single person in sewer charges, and it goes to $250 a month if she waters the lawn enough to keep the shrubs alive. Needless to say, her shrubs are dying. At least she can afford to pay. This article describes what happens to those who can’t). This is all thanks to JP Morgan plus local corruption (you can be certain Jefferson County would have BK’d sooner if the locals weren’t complicit).
  G.O.P. Monetary Madness Paul Krugman, New York Times
  US Treasuries: Surprisingly sturdy Financial Times. OK, I am generally loth to toot my own horn, but we’ve been consistent in saying the scaremongering around Treasuries was nuts, the trend was clearly deflationary, and high quality bonds and cash are the place to be in deflation.
  As Sales Lag, Stores Shuffle the Calendar New York Times. Here that Black Friday was touted as being so super duper…
  Occupy Goes Home Village Voice (hat tip reader Timotheus)
  Occupy LA Plans to ‘Occupy ICE’ at Downtown Federal Building: Immigrant Crackdowns to be Protested LA Weekly (hat tip Yasha)
  SEC Appeals Judge Rakoff’s Rejection of $285 Million Citigroup Settlement Bloomberg
  Corzine: MF Staff Said Fund Transfer Legal Bloomberg. Corzine is sticking to the ‘I thought this was kosher” script, which is a get out of jail free card for fraud (fraud requires a demonstration of intent). Sarbanes Oxley was designed to close that down. If you were a certifying officer (and CEOs did sign certifications) and your internal controls were bad (and failure to understand what the proper handling of customer money amounted to would seem to be a major control failing), you do not get off the hook.
  12 15 11 California Congressmen Write to President Obama in support of AG Kamala Harris not going along with multi-state settlement ScribD (hat tip reader Deontos). Better title: “California Congressmen Tell Obama to Go to Hell on Mortgage Settlement”
  Treat foreclosure as a crime scene Matt Stoller, Politico
  Antidote du jour:
  
  http://www.calculatedriskblog.com/2011/12/europe-update_16.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+CalculatedRisk+%28Calculated+Risk%29
  
  European bond yields have fallen recently ...
  
  The Italian 2 year yield is down to 5.29% - the lowest level since October, and the 10 year yield is at 6.59%.
  
  The Spanish 2 year yield is down sharply to 3.46%, and the 10 year yield is down to 5.31%.
  
  But there are plenty of negative headlines:
  
  From the Financial Times: EFSF considers euro warning clause (ht Brian)
  
  In the latest draft of the prospectus, seen by the Financial Times, a summary of the dangers to investors includes: “[R]isks arising from a Reference Sovereign ceasing to use the euro as its lawful currency . . . or the cessation of the euro as a lawful currency”.
  excerpt with permission
  That would be quite a warning clause.
  
  And here is some downbeat testimony from Deputy Assistant Treasury Secretary Mark Sobel today: What the Euro Crisis Means for Taxpayers and the U.S. Economy
  
  The European Economic Outlook is Weakening
  Over the past year, economic and financial stresses in Europe have spread to some of Europe’s largest economies, and the crisis now facing Europe is deeper and more entrenched. Sovereign bond yields have risen sharply in many countries. Many European financial institutions have faced difficulties in obtaining funding from markets and are de-leveraging in order to strengthen their capital adequacy. European equities have fallen by a quarter since April.
  
  These developments have resulted in a sharp weakening in Europe’s current growth performance and significant markdowns in growth projections for 2012. Growth in the euro area is projected by most analysts to be negative this quarter and into early 2012, with weak growth persisting in 2012. For example, the OECD, which earlier this year had projected annual average European growth in 2012 of 2.0 percent, just revised its estimate to 0.2 percent. Many private forecasters are more pessimistic.
  
  Europe’s problems are a serious risk for the U.S. outlook
  In the United States, the pace of recovery has strengthened recently and most analysts expect continued moderate growth next year. But given Europe’s strong trade and financial linkages with the rest of the world, other regions could feel the impact as well. Indeed, Europe’s problems are a serious risk for the U.S. economic outlook.
  
  • The European Union buys nearly 20 percent of U.S. goods exports ($242.6 billion in 2010) and over 30 percent of U.S. service exports ($170.2 billion). The European Union accounts for 63 percent of the stock of foreign direct investment (FDI) into the United States, at $1.5 trillion, and 56 percent of new investment in 2010. Therefore, when European growth slows, U.S. jobs, exports, and FDI inflows decline.
  
  • Global financial markets are strongly interconnected. When European financial markets tighten, it can adversely impact U.S. banks’ confidence and their willingness to lend and invest. That, in turn, can hurt American businesses and jobs, particularly in smaller firms that depend on credit from their banks to grow and innovate.
  
  • When EU stocks decline, U.S. equity markets often do as well, hitting the savings and wealth of Americans.
  
  To make these linkages more concrete, for instance, exports to the European Union represent over 24, 20 and 18 percent, respectively, of merchandise exports from New York, North Carolina, and Illinois. In each of these states, over 150,000 jobs – and over 250,000 in Illinois – are export-related. A decline in exports to Europe will inevitably adversely impact America.
  And there is some evidence of tightening. The TED spread is increasing and is now up to 56.8 (This hit 463 on Oct 10, 2008), and the two year swap spread is up to 49.5 (This spread peaked at near 165 in early October 2008). Still not too bad.
  
  From the WSJ: Fitch Affirms France as AAA, Warns on Six Others
  
  Fitch Ratings lowered its outlook on France's triple-A rating to "negative" from "stable," indicating there is a 50-50 chance the nation could lose its top investment-grade rating over the next two years.
  ...
  The ratings firm also put on downgrade watch several investment-grade-rated euro-zone nations that already had a negative outlook. In addition to Italy and Spain, that action snared Belgium, Slovenia, Ireland and Cyprus. Fitch said it expects to complete the review by the end of January. It said it would likely downgrade the ratings by one or two notches.
  And there is a rumor of an S&P downgrade of France after the market today.
TimesPeople recommended a user:
Dec 15, 2011
Anna Shethar
- Anna Shethar posted to Twitter a biography:
  Jul 9, 2011
  Bomb Took 3 Limbs From Giles Duley, but Not His Can-Do Spirit
  “Bomb Took 3 Limbs From Giles Duley, but Not His Can-Do Spirit - http://nyti.ms/qkmIEg. Good read enjoy. #JOU225 @10keytramp. ”
  Check.
  http://gilesduley.com/index.php#/about
  Contact
  giles duley
  +44 (0)7885 795857
  giles@duley.com
  Galleries
  
  Becoming the Story, Self-portrait. London. 2011
  
  The family of Prymorska Street, Odessa, Ukraine. 2010
  
  Inter-Tribal Violence, South Sudan. 2009
  
  MSF in South Sudan. 2009
  
  Acid Burn Survivors, Dhaka, Bangladesh. 2009
  
  Kutupalong Refugee Camp, Bangladesh. 2009
  
  Rohingya Refugee Portraits, Bangladesh. 2009
  
  Catholic Mission, Bailundo. Angola. 2008
  
  Former UNITA Soldiers, Angola. 2008
  
  MAG, Angola. 2008
  
  IOM/UNHCR, Angola. 2008
  
  Nick, living with Autism. 2008
  
  About
  Giles Duley Fund
  Talks
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Dec 15, 2011
Francine McKenna
- Francine McKenna posted to Twitter an article:
  Mar 19, 2011
  TARP Needs a New Watchdog as Neil Barofsky Steps Down
  “TARP Needs a New Watchdog as Neil Barofsky Steps Down - http://nyti.ms/gklm5d >A job for David Hoffman”
  
  http://en.wikipedia.org/wiki/TARP
  Contents
  [hide]
  http://en.wikipedia.org/wiki/Oversight_of_the_Troubled_Asset_Relief_Program
  Claims that oversight has not been effective
  [edit] Government officials overseeing bailout don't know how it's being spent
  A December 31, 2008 Associated Press article stated, "Government officials overseeing a $700 billion bailout have acknowledged difficulties tracking the money and assessing the program's effectiveness." ^[28]
  A January 29, 2009 article from bloomberg.com stated, "Bloomberg News asked the Treasury Department Jan. 26 to disclose what securities it backed over the past two months in a second round of actions to prop up Bank of America Corp. and Citigroup Inc. Department spokeswoman Stephanie Cutter said Jan. 27 she would seek an answer. None had been provided by the close of business yesterday." ^[29]
  
  [edit] Banks won't say how they are spending bailout money
  A December 22, 2008 Associated Press article stated, "The Associated Press contacted 21 banks that received at least $1 billion in government money and asked four questions: How much has been spent? What was it spent on? How much is being held in savings, and what's the plan for the rest? None of the banks provided specific answers... Some banks said they simply didn't know where the money was going." ^[30]
  A review of investor presentations and conference calls by executives of some two dozen US-based banks by the New York Times found that "few [banks] cited lending as a priority. An overwhelming majority saw the bailout program as a no-strings-attached windfall that could be used to pay down debt, acquire other businesses or invest for the future." ^[31]
  
  [edit] Federal government paid $254 billion for assets that were worth only $176 billion
  On February 5, 2009, Elizabeth Warren, chairperson of the Congressional Oversight Panel, told the Senate Banking Committee that during 2008, the federal government paid $254 billion for assets that were worth only $176 billion.^[32]
  
  [edit] Bailout recipients spent $114 million on lobbying and campaign contributions in 2008
  On February 4, 2009, it was reported that during 2008, the companies that received bailout money had spent $114 million on lobbying and campaign contributions. These companies received $295 billion in bailout money. Sheila Krumholz, executive director of The Center for Responsive Politics, said of this information, "Even in the best economic times, you won't find an investment with a greater payoff than what these companies have been getting." ^[33]
  
  [edit] Bank of America throws $10 million Super Bowl party
  A February 2, 2009 ABC News article titled, "Bailed Out Bank of America Sponsors Super Bowl Fun Fest" stated that Bank of America sponsored a Super Bowl event at a five star resort in Palm Beach, which was described as "... a five day carnival-like affair... 850,000 square feet of sports games and interactive entertainment attractions for football fans..." Although the bank refused to answer ABC News' questions about the cost of the event, a confidential source told ABC that the cost was approximately $10 million.^[34]
TimesPeople recommended a user:
Dec 15, 2011
catchthatphoto
- SmartLifeways posted to Twitter an article:
  Apr 13, 2011
  
  Is Sugar Toxic?
  “Is Sugar Toxic? - http://nyti.ms/fnOnfc Interesting read on that ingredient so many of us consume daily. ”
  Sugar is toxic. I have added none for months.
TimesPeople recommended a user:
Dec 15, 2011
lazypaperboy
- lazypaperboy commented on an article:
  Jun 3, 2010
  AT&T is eliminating its unlimited mobile phone data plan and replacing it with capped options. The company also will allow tethering smartphones, including the iPhone, to a computer for Internet access.
  Is it just me or is anyone else having flashbacks to 1994? Psst, AT&T, I hear AOL is available. You might talk to Time Warner about it ... http://www.jrdeputyaccountant.com/2010/06/at-goes-aol-on-data-hogs.html www.jrdeputyaccountant.com
  http://query.nytimes.com/search/sitesearch?query=tethering&srchst=cse
  http://en.wikipedia.org/wiki/Tethering
  
  Tethering means sharing the Internet connection of an Internet-capable mobile phone with other devices. This sharing can be offered over a wireless LAN (Wi-Fi), or over Bluetooth, or by physical connection using a cable. In the case of tethering over wireless LAN, the feature may be branded as a mobile hotspot. The Internet-connected mobile phone acts as a portable router when providing tethering services to others.
  Many mobile phones are equipped with software to offer tethered Internet access. The operating systems Windows Phone 7 (built-in starting from version 7.5 Mango), Android, (starting from version 2.2 Froyo) and iOS (only after jailbreak or running iOS 4.3 or higher on iPhone 4 or iPhone 4s without jailbreak) support this.^[1] This feature, on the devices bonded to some operators, was available before, but now this feature has been disabled and can be reenabled only by 'rooting' devices and using the Linux iptables application.^[2]
  Android devices offer tethered Internet access even with the latest version, Android Ice Cream Sandwich. Some operators however asked Google or any mobile producer using Android to remove this service. ^[3]
  
  [edit] Tethering in carriers' contracts
  Depending on the mobile phone's carrier, tethering may be provided at no extra cost. However, some carriers impose a one time charge to enable tethering, while others forbid tethering or impose added data charges, examples include T-Mobile in the UK. Often phone contracts that advertise unlimited or "all you can eat" Internet and data usage will bury these hidden charges in their terms of use.
  As cited in Sprint Nextel's Terms of Service, "Except with Phone-as-Modem plans, you may not use a phone (including a Bluetooth phone) as a modem in connection with a computer, PDA, or similar device. We reserve the right to deny or terminate service without notice for any misuse or any use that adversely affects network performance."^[4]
  T-Mobile USA has a similar clause in its Terms & Conditions: "Unless explicitly permitted by your Data Plan, other uses, including for example, using your Device as a modem or tethering your Device to a personal computer or other hardware, are not permitted." ^[5]
  Verizon Wireless and AT&T Mobility currently offer wired tethering to their plans for a fee, while Sprint Nextel offers a Wi-Fi connected "mobile hotspot" tethering feature at an added charge.
  Three UK carrier allows tethering on "The one plan"
  
  [edit] References
  ^ Geek.com: Android 2.2. to support tethering
  
  ^ http://www.androidcentral.com/android-internet-tether
  
  ^ http://www.techdirt.com/blog/wireless/articles/20110711/17464515050/you-dont-own-what-you-thought-you-bought-verizon-breaks-phones-turns-off-feature.shtml
  
  ^ "Sprint Terms & Conditions - US". sprint.com. http://shop.sprint.com/en/legal/legal_terms_privacy_popup.shtml?ECID=vanity:termsandconditions#3. Retrieved 2010-10-13.
  
  ^ "T-Mobile Terms & Conditions - US". t-mobile.com. http://www.t-mobile.com/Templates/Popup.aspx?PAsset=Ftr_Ftr_TermsAndConditions&print=true. Retrieved 2011-03-14.
  
  This makes the carriers quite uncomfortable.
  You should have cable or DSL or Fiber for high bandwidth operations.
  The public library has good wi-fi.
  They turn it off when they go home.
TimesPeople recommended a user:
Dec 15, 2011
Doug Hoogstra
- jratlee posted to Twitter an article:
  May 5, 2011
  
  In a Brooklyn Loft, Twitter Stars Find Common Ground
  “kudos tina! great article about @swissmiss & @studiomates. someday i'll actually make an @creativemorning w/ @kratlee http://nyti.ms/msznjv”
  I enjoy the environment but find it totally distracting.
  I get no work done.
TimesPeople recommended a user:
Dec 15, 2011
jratlee
- jratlee posted to Twitter an article:
  May 5, 2011
  
  In a Brooklyn Loft, Twitter Stars Find Common Ground
  “kudos tina! great article about @swissmiss & @studiomates. someday i'll actually make an @creativemorning w/ @kratlee http://nyti.ms/msznjv”
  Distraction destroys concentration.
TimesPeople recommended a user:
Dec 15, 2011
tdeletto
- Amanda Cox recommended a graphic:
  May 11, 2011
  Business Day
  Correction Nov. 5, 2007 A chart with the Economic Scene column in Business Day on Wednesday about trends in tax rates by income group referred incompletely to the taxes that were analyzed. The tax rates included capital gains, payroll, estate, gif...
  
  http://krugman.blogs.nytimes.com/?s=tax+rates
  September 21, 2011, 11:36 am
  The Distributional Effect of Tax Cuts — A Brief Note
  With taxes on the wealthy on the political radar, we’re going to drowning in a vast wave of double-talk and smothered by vast amounts of fuzzy math. Still, one has to try. So, a couple of notes.
  One is that you have to beware of the old trick of saying “taxes”, then slipping into “income taxes”. Most Americans pay more payroll than income taxes, but the reverse is true at high incomes. So focusing only on income taxes makes it seem as if the rich pay much more of the burden than they really do.
  Another, more subtle trick involves comparing percentage changes in taxes as opposed to tax changes as a percentage of income.
  The starting point is that federal taxes are indeed progressive on average (although there are billionaires who pay a lower rate than their secretaries). And this in turn means that you have to be careful about the question when evaluating a change in taxes.
  Suppose that it’s 1979, and individual A is a member of the working poor, paying 12 percent of his income in taxes — basically payroll tax and not much else. Meanwhile, individual B is very wealthy, and pays 40 percent of his income in taxes — as the very wealthy did on average 30 years ago.
  Now suppose that 30 years of conservative governance lead to a fall of a quarter in both individuals’ average tax rates; A’s rate falls from 12 to 9, B’s from 40 to 30. Would it make sense to say that they have gained equally from tax cuts?
  Clearly not. A’s after-tax income has risen from 88 to 91 percent of pretax income, a gain of 3.4 percent. B’s after-tax income has risen from 60 to 70 percent of pretax income, a gain of 16.7 percent. The distribution of after-tax income has become substantially less equal. And that’s the calculation I was doing here.
  Now, right-wingers come back and say that this is what has to happen when you cut taxes. No, it doesn’t. And anyway, cutting taxes is itself a choice — and they’re a choice that then leads to demands that we cut programs for the poor and middle class to close the deficit those tax cuts created.
  The point is that yes, tax policy these past 30 years has been very much tilted toward benefiting the rich.
  
  September 20, 2011, 12:30 pm
  
  Taxes and the Wealthy
  Well, sometimes I really do get tired of trying to reason with these people. Are we really back to the line that the rich are sorely oppressed, because their share of tax payments has risen — never mind how much their share of income has risen?
  Let’s look at the tax data — the CBO estimates that separate the really rich from the only very rich only go up to 2005, but things probably haven’t changed much since then. And let me present what they say using one technique the Tax Policy Center uses routinely, asking what effect a change in taxes would have on after-tax income, other things equal. Here’s what I get for changes from 1979 to 2005:
  
  Changes in tax rates have strongly favored the very, very rich.
  Now, they’re only a fairly small part of the huge growth in the after-tax inequality of income. But tax policy has very much leaned into that growing inequality, not against it — and anyone who says otherwise should not be trusted on this issue, or any other.
TimesPeople recommended a user:
Dec 15, 2011
Amanda Cox
- Amanda Cox recommended a graphic:
  May 11, 2011
  Business Day
  Correction Nov. 5, 2007 A chart with the Economic Scene column in Business Day on Wednesday about trends in tax rates by income group referred incompletely to the taxes that were analyzed. The tax rates included capital gains, payroll, estate, gif...
  
  http://krugman.blogs.nytimes.com/?s=tax+rates
  September 21, 2011, 11:36 am
  The Distributional Effect of Tax Cuts — A Brief Note
  With taxes on the wealthy on the political radar, we’re going to drowning in a vast wave of double-talk and smothered by vast amounts of fuzzy math. Still, one has to try. So, a couple of notes.
  One is that you have to beware of the old trick of saying “taxes”, then slipping into “income taxes”. Most Americans pay more payroll than income taxes, but the reverse is true at high incomes. So focusing only on income taxes makes it seem as if the rich pay much more of the burden than they really do.
  Another, more subtle trick involves comparing percentage changes in taxes as opposed to tax changes as a percentage of income.
  The starting point is that federal taxes are indeed progressive on average (although there are billionaires who pay a lower rate than their secretaries). And this in turn means that you have to be careful about the question when evaluating a change in taxes.
  Suppose that it’s 1979, and individual A is a member of the working poor, paying 12 percent of his income in taxes — basically payroll tax and not much else. Meanwhile, individual B is very wealthy, and pays 40 percent of his income in taxes — as the very wealthy did on average 30 years ago.
  Now suppose that 30 years of conservative governance lead to a fall of a quarter in both individuals’ average tax rates; A’s rate falls from 12 to 9, B’s from 40 to 30. Would it make sense to say that they have gained equally from tax cuts?
  Clearly not. A’s after-tax income has risen from 88 to 91 percent of pretax income, a gain of 3.4 percent. B’s after-tax income has risen from 60 to 70 percent of pretax income, a gain of 16.7 percent. The distribution of after-tax income has become substantially less equal. And that’s the calculation I was doing here.
  Now, right-wingers come back and say that this is what has to happen when you cut taxes. No, it doesn’t. And anyway, cutting taxes is itself a choice — and they’re a choice that then leads to demands that we cut programs for the poor and middle class to close the deficit those tax cuts created.
  The point is that yes, tax policy these past 30 years has been very much tilted toward benefiting the rich.
  
  September 20, 2011, 12:30 pm
  
  Taxes and the Wealthy
  Well, sometimes I really do get tired of trying to reason with these people. Are we really back to the line that the rich are sorely oppressed, because their share of tax payments has risen — never mind how much their share of income has risen?
  Let’s look at the tax data — the CBO estimates that separate the really rich from the only very rich only go up to 2005, but things probably haven’t changed much since then. And let me present what they say using one technique the Tax Policy Center uses routinely, asking what effect a change in taxes would have on after-tax income, other things equal. Here’s what I get for changes from 1979 to 2005:
  
  Changes in tax rates have strongly favored the very, very rich.
  Now, they’re only a fairly small part of the huge growth in the after-tax inequality of income. But tax policy has very much leaned into that growing inequality, not against it — and anyone who says otherwise should not be trusted on this issue, or any other.