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Re: Romney's tax rate is only half as high as the middle class pays
Except for a four year period, both marginal and effective, for just federal:
"Even so, when Obama said that "if you're a … wealthy CEO or a … hedge fund manager in America right now, your taxes are … lower than they've been since the 1950s," he's close: Their tax rates are at or near the lows for the years elapsed since then.
The top marginal income tax rates were lower between 1988 and 1992 than they are today, but otherwise, Obama is right. They were higher for the other years. Meanwhile, the rates that are used to tax carried interest for hedge-fund managers have been at historical lows since 2003. And effective tax rates for high-income earners were either at their lowest since 1960 or very close to their lowest (at least according to the most recent data available). On balance, we rate Obama’s statement Mostly True."
PolitiFact | Barack Obama says tax rates are lowest since 1950s for CEOs, hedge fund managers
When you add in state taxes, effective rates are higher for the working class than the super rich:
The 53% Myth: Working Poor Pay More Of Their Income In State And Local Taxes Than The Rich In 49 States
"For example, if you look at state and local taxes, the working poor actually pay a higher percentage of their income in these taxes in every state except for Vermont. In “Alabama, for example, low-income families (which make less than $13,000) pay 11 percent of their income in state and local taxes, while those making more than $229,000 pay just 4 percent.”
WHOAA back there big boy, are you making this statement using 'marginal', 'effective' or the constantly spouted 'All taxes, not just one kind or another, all taxes'?
Except for a four year period, both marginal and effective, for just federal:
"Even so, when Obama said that "if you're a … wealthy CEO or a … hedge fund manager in America right now, your taxes are … lower than they've been since the 1950s," he's close: Their tax rates are at or near the lows for the years elapsed since then.
The top marginal income tax rates were lower between 1988 and 1992 than they are today, but otherwise, Obama is right. They were higher for the other years. Meanwhile, the rates that are used to tax carried interest for hedge-fund managers have been at historical lows since 2003. And effective tax rates for high-income earners were either at their lowest since 1960 or very close to their lowest (at least according to the most recent data available). On balance, we rate Obama’s statement Mostly True."
PolitiFact | Barack Obama says tax rates are lowest since 1950s for CEOs, hedge fund managers
When you add in state taxes, effective rates are higher for the working class than the super rich:
The 53% Myth: Working Poor Pay More Of Their Income In State And Local Taxes Than The Rich In 49 States
"For example, if you look at state and local taxes, the working poor actually pay a higher percentage of their income in these taxes in every state except for Vermont. In “Alabama, for example, low-income families (which make less than $13,000) pay 11 percent of their income in state and local taxes, while those making more than $229,000 pay just 4 percent.”