This came as a shock even to me. The media have been doing a great job in propagandizing for Team Obama by making a campaign issue out of the fact that Mitt Romney “only” paid around 15 percent in taxes. That “only” works out to more than $3,200,000.
Consider the following from the mostly liberal Washington Post: “[A]bout 96 percent of all taxpayers have a lower average [Federal income] tax rate than Romney.”
More precisely, in 2010, somewhere between 90 and 95 percent of Americans had a lower effective income tax rate than Romney’s 13.9 percent. In 2011, somewhere between 95 and 97 percent of Americans had a lower effective income tax rate than Romney’s 15.4 percent, at least according to the latest IRS data from 2010.
This is debate material waiting to happen. In addition to getting new moderators for the upcoming presidential and vice-presidential debates, the debaters should be allowed to use Power Point presentations of official government sources. Consider these amazing tax statistics:
The most recent Complete Report of Individual Tax Returns for 2010 from the IRS has a nice table on page 25 showing average tax rates by income group from 1986 to 2010. In 2010, the average income tax rate paid by all taxpayers was 11.8 percent — clearly less than the roughly 14 percent average income tax rate Romney paid last year. Most taxpayers earning under $100,000 pay an average rate of less than 9%. Those earning between $50,000 and $60,000 pay an average income tax rate of 6.5 percent.
This is all because nearly 50 percent (58 million) of all people who get a pay check don’t pay any federal income taxes. The claim that the “rich” are not paying “their fair share” is one of the biggest liberal lies out there, nearly as bad as “We’re from the government and are here to help you.”