Romney says he pays about 15% in income tax
The acknowledgment by Romney that he “overwhelmingly” makes much of his income from investments is significant because investment income is taxed at a lower rate than wages and salary.
The top federal tax rate for investments is 15%, while the top tax rate for wages is 35% on taxable income over $388,350. Wages are also subject to Social Security and Medicare payroll taxes.
The Tax Policy Center,a Washington think tank, projects households making $50,000 to $75,000 will pay an average federal income tax rate of 5.7% this year. When payroll and other taxes are included, that same household would pay an average federal rate of 16.6%.
Romney’s maximum possible rate is 15%, nearly two points less than folks making a fraction what he does…and they have to work for it.
The sick thing about it? Romney thinks he needs to pay less taxes and you need to pay more (for less services).