Mitt Romney estimates his federal income tax rate to be 15%, and here’s a point of comparison with the rest of us, the so-called 47%. As the chart shows, federal income taxes include individual income tax rate, payroll tax, corporate tax and estate tax–not just taxed salaries and wages, and capital gains. (Hard to know why capital gains would even be included under this strict definition of federal taxes–oh, except that it’s mainly the victimized wealthy class paying them.)
So, Mitt Romney is paying the same effective tax rate as an American household making $50,000. Just happens to be the median income. Of course, if Mitt is shelling out $2 million dollars to meet his 15% pound of flesh, he’s suffering a whole lot more than a family of four handing over $7,500. That’s just obvious. It’s penalizing success!
- Romney paid 14% effective tax rate in 2011 (money.cnn.com)
- Why do Romneys pay so little in taxes? (cnn.com)