At the start of last week Greg Sargent made an important point on taxes that bears repeating, since many people (apparently including many journalists) seem unclear on it:

The proposal backed by President Obama and most Democrats in Congress would renew the Bush income tax cuts not just on all persons making under $250,000 or so, but on all taxable income below that level, no matter how much a person makes.

That is, if you make just over $250,000, your taxes would barely go up at all, since there would be only a tiny increase in your marginal tax rate and it would apply only to the amount of taxable income above that level. And even if you make tens of millions a year, you would still pay less under their proposal than if the tax cuts are simply allowed to expire.

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