Stephen KIng's Message to Romney

[one...two...tree 2,762]

[I AM NOT THAT GUY 5,715]

We should care what a fiction writer says why?

[one...two...tree 2,762]

"We're going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that's crazy. <...> Do you think the millionaire ought to pay more in taxes than the bus driver or less?"

-- President Ronald Reagan and former Hollywood Actor, June 1985

[rocks 494]

Makes me think of this picture.

[I AM NOT THAT GUY 5,715]

Since when did you become a fan of Reaganomics?

[mawilson 2,133]

Makes me think of this picture.

Nice picture, except it's a lie. The effective tax rate for teachers (and other middle-class workers) is much, much lower than 25%.

A person's effective tax rate is the percentage of income that he or she pays in taxes. The effective tax rate for most filers is well below the 25 percent marginal tax rate (the rate paid on a filer's next dollar of income.)

For families making $50,000 to $75,000, the effective tax rate is 5.7%. From $75,000 to $100,000, it's 7.2%. And if you make $200,000, it goes up to 9.9%. Still lower than Romney's.

The effective tax rate is significantly lower than the marginal rate, because the filer takes the standard deduction (or, in some cases, itemized deductions), personal exemptions, and tax credits such as the child tax credit, and because a portion of the taxable income is taxed at lower rates.

[sly_wolf 199]

Nice picture, except it's a lie. The effective tax rate for teachers (and other middle-class workers) is much, much lower than 25%.

A person's effective tax rate is the percentage of income that he or she pays in taxes. The effective tax rate for most filers is well below the 25 percent marginal tax rate (the rate paid on a filer's next dollar of income.)

For families making $50,000 to $75,000, the effective tax rate is 5.7%. From $75,000 to $100,000, it's 7.2%. And if you make $200,000, it goes up to 9.9%. Still lower than Romney's.

The effective tax rate is significantly lower than the marginal rate, because the filer takes the standard deduction (or, in some cases, itemized deductions), personal exemptions, and tax credits such as the child tax credit, and because a portion of the taxable income is taxed at lower rates.

Where did u pull those numbers from? My "middle class" tax rate is 31% and that does not even include my state taxes. I guess I am paying more than my fair share compared to those rich whiners.

[DaveE 178]

Where did u pull those numbers from? My "middle class" tax rate is 31% and that does not even include my state taxes. I guess I am paying more than my fair share compared to those rich whiners.

Gee, my Federal tax rate was 8.3%, and I am solidly middle class, more than $100K, but less than $200K.

My state rate was 6%. Those numbers look about right for me.

[sly_wolf 199]

Gee, my Federal tax rate was 8.3%, and I am solidly middle class, more than $100K, but less than $200K.

My state rate was 6%. Those numbers look about right for me.

I am self employeed, so I have the priviledge of paying more than my fair share. The rates still dont jive with the tax rate publications which I have read. See below is one example:

http://www.forbes.com/sites/moneybuilder/2011/09/30/2012-federal-income-tax-brackets-irs-tax-rates/

[sly_wolf 199]

I am self employeed, so I have the priviledge of paying more than my fair share. The rates still dont jive with the tax rate publications which I have read. See below is one example:

http://www.forbes.co...-irs-tax-rates/

You also need to factor in Social Security and Medicare taxes on top of Income tax withholding.

[mawilson 2,133]

My "middle class" tax rate is 31%

I don't believe you.

[I AM NOT THAT GUY 5,715]

Oh noes! Rich people!

[sly_wolf 199]

I don't believe you.

Some just cant handle the truth.

[Ban Hammer 13,554]

Some just cant handle the truth.

reminded me of this

[mawilson 2,133]

Some just cant handle the truth.

Some just can't handle basic math.

There's no way in hell you paid 31% in federal taxes as a percentage of your gross income.

Unless you make > $1m