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Author: MadCapitalist Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 734552  
Subject: Re: What annoys the Right more? Date: 10/15/2012 5:29 PM
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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%.
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