Take The Baptist Board Tax Rate Challenge!

Discussion in 'Politics' started by InTheLight, Sep 27, 2012.

  1. InTheLight

    InTheLight
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    Democrats are trying to make an issue out of the effective tax rate that Mitt Romney paid on his taxes last year. They say he isn't paying his 'fair share' and want to raise taxes on the wealthy by adjusting their tax rates higher.

    Romney released his 2011 taxes last week which showed he paid an effective tax rate of 14.1%. Democrats are counting on the average citizen to be appalled at that number. They are using innuendo to suggest that Romney is paying less than most Americans.

    But is he? Is Romney's effective tax rate of 14.1% lower than most Americans?

    IRS data from 2010 shows someone making between $50,000 and $75,000 on average pays an effective rate of 7.8 percent. Even someone making between $100,000 and $200,000 pays a 12.1 percent rate.

    OK, what's your effective tax rate?

    This is easily determined. Take your IRS 1040 form from last year (or any year, I suppose). Take your tax as determined and reported on line 46 and divide by the income amount listed on line 7. Express that number as a percent.

    Report your results in this thread.

    Mine came to 5.2%.

    What's yours?
     
  2. mont974x4

    mont974x4
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    Why do liberals think I should be more angry about what Romney does with his money than I am about what Obama does with mine?
     

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