Posted on 01/24/2012 9:24:01 AM PST by tobyhill
They are talking about Federal Income taxes paid. It doesn't include any other taxes paid like Social Security or State taxes.
Allow me to suggest that Romney does NOT pay taxes at the same rate as does “Joe Sixpack”.
1. Payroll taxes are on the first 108,000 of income.
2. Joe Sixpack and wife bring in 90,000 between their two jobs. He pays his payroll taxes AND she pays her payroll taxes. Their combined percentage is 28% since the payroll tax is taken out PER worker. Her social security and his social security. Why do I say 28% and not 14%? Because their companies’ portions of their payroll tax reduces their takehome pay. In the same way as a company passes on the cost of taxes in their products, they pass along their costs for employees in what they give to employees as take home pay.
3. Romney pays payroll tax on 108,000 of whatever he makes. Obviously, Joe Sixpack is paying at the rate of 100% for each dollar he makes. Romney, on the other hand, is paying at a miniscule rate, 108000/22000000 = .004 or .4%.
4. So, since we’re talking RATES, Joe Sixpack pays at a higher rate than Romney who is just under 15%, while Joe Sixpack and wife have not added on their income tax rate of between 5-15% depending on kids, mortgage, deductions, etc.
There is NO WAY that Romney pays at a higher rate than does Joe Sixpack. It simply isn’t mathematically feasible.
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