Check the income range for 25% tax bracket. Then ponder Mitt paying <15% rate on his millions.

[flpoljunkie]

Tax Brackets 2012 (This is, of course, figured on taxable income--after all deductions and exemptions--like President Obama's tax plan which the Senate passed this past week and is due to be voted on in the House next week.)

25% Bracket

Single $35,350 – $85,650

Head of Household $47,350 – $122,300

Married Filing Jointly $70,700 – $142,700

[unblock]

1. but that's for ordinary income. the vast majority of rmoney's income is capital gains and dividends.

and that's just one of many tricks he uses to pay less than his fair share.

[flpoljunkie]

4. Indeed. That's the point. The tax code is gamed for people like Romney.

[upaloopa]

2. Many people who formerly had mortgage interest and property tax deductions no longer have

them due to losing their homes to foreclosure and will use the standard deduction now which has the effect of a tax increase.

[LiberalFighter]

3. Some tax education

That 25% tax bracket only applies to taxable income for those amounts only.

The single person only pays 25% on the income above $35,350 through $85,650

The head of household person only pays 25% on the income above $47,350 through $122,300

The married person only pays 25% on the income above $70,700 through $122,300

All three groups above have taxable income below those amounts that are taxed at two different rates (10% & 15%) depending on the income it applies to. Which means that their income is not taxed at one rate as many believe.

Someone like Romney as someone pointed likely has most of his income from dividends and capital gains which is at the 15% on all of it. But if he had real taxable income above $388,350 he would have income that is taxed at 6 different rate. The top tax rate in that instance is 35% but that rate is only applied to income above $388,350.

If they increased the tax rate on those with taxable income above $250k the additional tax would only apply to income above $250k. They would still have all of their income below $250k taxed just like everyone else with no tax increase.

Please remind others that the average itemized deductions for those with income over $250k is $64k. That is 25.6% of their income that is not taxed. That also doesn't include the personal exemptions.



One major question that really needs to be pushed whenever anyone opposes the higher taxes is how much of their income is not taxed. IMO if they are unwilling to provide this info then you might touch a nerve on them.


What I found interesting from deductions for adjusted gross income from $100k to $800k the average for donations was less than 3%.