Tags: romney | tax | rate | returns

Report: Romney’s Tax Rate Higher Than Most Americans

Wednesday, 26 Sep 2012 10:28 AM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
President Barack Obama's campaign and much of the media is trumpeting the “fact” that Mitt Romney’s tax rate is lower than the average American’s.

But that’s not necessarily a fact, FoxNews.com, calculates. It holds true only when both income and payroll taxes are included. Romney is charged very little in payroll taxes, as he derives almost all his income from investments. His effective tax rate was 14.1 percent in 2011.

The Obama estimate that Romney’s rate is lower than the average American’s also doesn’t take into account deductions and other tax benefits.

When all this is taken into consideration, Romney’s effective rate actually dwarfs that of most Americans.

Someone with income between $50,000 and $75,000 on average paid an effective rate of 7.8 percent in 2010, according to the IRS. And even those making between $100,000 and $200,000 paid a 12.1 percent rate.

The Obama campaign makes a big deal that Romney pays a 15 percent tax rate on his investments, which account for the bulk of his income, while Americans with a full-time job pay up to 35 percent on their ordinary income.

But that 35 percent figure shrinks sharply once deductions and exemptions are included. Indeed, the Tax Foundation estimated in January that Romney's rate 14 percent rate in 2010 exceed that of 97 percent of Americans.


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Ex-Romney Adviser: Americans Don't Appreciate Foreign Policy

Thursday, 31 Jul 2014 21:00 PM

Americans are woefully underinformed on the need for strong foreign policy, but that doesn't mean their leaders should a . . .

Obamacare Gives Some Young Adults Incentive to Stay Uninsured

Thursday, 31 Jul 2014 20:42 PM

Despite its intended goal to provide health insurance to everyone, Obamacare actually gives some young adults a strong f . . .

CNN Anchor Tweets Insult About Fox News Climate Story

Thursday, 31 Jul 2014 19:26 PM

CNN anchor Bill Weir went on a mini-Twitter tirade Thursday, crudely slamming a Fox News blog for its post on former Vic . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved