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And just a follow up question to see how many people paid more than $3,016,300 in the final dollar figure.
And just a follow up question. How many people paid more than $3,016,300 in the final dollar figure?
doesn't matter how much money he paid if he is still paying a less % than many Americans. If I say earned $60k in a year and got taxed 18% I have sacrificed more for taxes than Romeny and have far less to spend on my family than he does!
doesn't matter how much money he paid if he is still paying a less % than many Americans. If I say earned $60k in a year and got taxed 18% I have sacrificed more for taxes than Romeny and have far less to spend on my family than he does!
He's not paying less of a percentage than most Americans. Remember, 47% of taxpayers pay nothing at all. Someone making $60,000 is not paying 18%. A married taxpayer earning $60,000 taking no deductions, having one child, is paying 5.75%. Single taxpayers, no dependents, get screwed, however. Their tax rate is 14.58% on that same $60,000. Our tax code is a freakin' MESS.
He's not paying less of a percentage than most Americans. Remember, 47% of taxpayers pay nothing at all. Someone making $60,000 is not paying 18%. A married taxpayer earning $60,000 taking no deductions, having one child, is paying 5.75%. Single taxpayers, no dependents, get screwed, however. Their tax rate is 14.58% on that same $60,000. Our tax code is a freakin' MESS.
but a single person earning 60 k is paying 25% right?
He's not paying less of a percentage than most Americans. Remember, 47% of taxpayers pay nothing at all. Someone making $60,000 is not paying 18%. A married taxpayer earning $60,000 taking no deductions, having one child, is paying 5.75%. Single taxpayers, no dependents, get screwed, however. Their tax rate is 14.58% on that same $60,000. Our tax code is a freakin' MESS.
I will be very surprised if you actually know your Effective Tax Rate. Unless you have looked at your income tax return and run the numbers, you have no idea.
The 13.9% Effective Tax Rate extrapolated from Romney's return (and Gingrich's return) is defined by the total amount of income tax paid divided by adjusted gross income. It rips through the marginal/progressive tables and tells one the actual percentage of one's income is paid in taxes. Most people don't even know their Effective Tax Rate.
Here are some examples:
Single taxpayer earning $50,000 taking just the standard deductions: 12.5%
Married with 2 children taxpayer earning $50,000 taking just the standard deductions: 0%
Married with 2 children taxpayer earning $80,000 taking an additional $18,000 in deductions (mortgage interest): 3.34%
Married with 2 children taxpayer earning $200,000 taking an additional $24,000 in deductions (mortgage interest): 16.08%
Use this calculator to figure out your own -- Marginal Tax Rate Calculator
Romney's release of his income tax forms should ring the death knell for the legal tax loopholes that allow someone who earns tens of millions of dollars to pay less of a % than someone single earning $50,000. That's just plain wrong.
I use turbo tax and it gives you a effective tax rate when your done. Include state, fica, and federal taxes it ends up being more than romney's rate.
not according to the 2012 US tax bracket
I use turbo tax and it gives you a effective tax rate when your done. Include state, fica, and federal taxes it ends up being more than romney's rate.
not according to the 2012 US tax bracket
State taxes would be negligible for mitt because almost all of his income is probably in cap gains.FICA is not intended to be progressive as you get what you put in (in theory).
I was looking through the article and didn't see where they mentioned state was included or not. Did I miss that? Also, do you live in his state?
I use turbo tax and it gives you a effective tax rate when your done. Include state, fica, and federal taxes it ends up being more than romney's rate.
I use turbo tax and it gives you a effective tax rate when your done. Include state, fica, and federal taxes it ends up being more than romney's rate.
That is because you don't understand marginal and progressive tax brackets. The calculator cuts through that confusion.
Romney didn't produce his state income tax. You're comparing apples to oranges.
State taxes would be negligible for mitt because almost all of his income is probably in cap gains.