Romney’s Taxes and the Liberal Mindset

First, unless your household was earning more than $189,400 per year, it is unlikely that you are paying a higher federal income-tax rate than Romney. According to the Congressional Budget Office, the average middle-income American pays an effective federal income-tax rate of 1.3 percent. Recall that half of Americans pay no federal income tax at all. And, second, about two-thirds of Romney’s income had already been taxed at the corporate level. While a precise estimate is impossible because of variations in corporate-tax payments, if one assumes an average effective corporate rate of roughly 25 percent, Romney’s real federal income-tax rate was closer to 30 percent.

But perhaps more important, Romney also donated an additional 13.8 percent of his income to charity, nearly $3 million.

via Romney’s Taxes and the Liberal Mindset – Michael Tanner – National Review Online.

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