Sparing the Urban Middle Class: Doing the New Math on Income Taxes, Deductions and Itemizations

In short and without a full calculator it seems this is a progressive tax on the wealthy that hits those in lower high income bands less than those in much higher bands. It should help solve Buffets concerns for the rich paying lower effective tax rates, without totally damaging those making 400k in wealthy urban centers who are effectively the urban middle class.

Despite its well-publicized cutoff at incomes of $400,000 and up, the fiscal cliff deal could increase taxes on people making less, by doing just what this fall’s presidential candidates both suggested: limiting certain tax breaks available to people who are affluent.

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