UnThreaded | Threaded | Whole Thread (42) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: MadCapitalist Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 682727  
Subject: Re: What annoys the Right more? Date: 10/15/2012 5:29 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
madcap
What's worse is that Democrats insist that the middle class pays a higher tax rate than Romney because they are comparing the marginal rate of the middle class with Romney's effective rate.

I was wondering about that as well how liberals make these high tax rate declarations.

Thanks to maxing out 401ks and HSA's and itemizing charitable donations, a small amount of mortgage interest and a healthy chunk of real estate taxes, our effective tax rate is slightly under 10% on a 6 figure income.

When you live on less than 50% of your income, you can do things like max out 401k's. And we also take advantage of the over 50 contributions.

decath


Here are the effective tax rates by income category:

http://taxfoundation.org/blog/chart-day-effective-tax-rates-...

Median household income is slightly below $50,000, but for argument's sake, let's assume that "middle class" is $50,000 to $100,000. They pay only 8%.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (42) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Invest Better Hub
Take advantage of our newest free service, Invest Better!
New Fool-Branded Credit Card Available!
How does your card compare to ours?
Post of the Day:
GetRichDieTrying's CAPS Blog

Becoming a Seasoned Investor
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Facebook Fool Fan Club
Be a fan of the Fool over on Facebook!
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Get the Fool Phone App
Save and share content, zero in on sectors, podcasts, and much more!
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement