Romney Pays 14.1%; Americans Pay 11% Effective Tax Rate
Posted by FactReal on September 24, 2012
|Romney Pays 14.1% Effective Tax Rate; Americans Pay 11%
Romney’s 2011 tax return is now available online. (Here are some highlights.)
Based on IRS data for 2009, Americans pay 11% effective tax rate on average. That means that Romney’s 14.1% effective tax rate is higher tax rate than the majority of taxpayers.
NewsBusters provides this helpful table:
● The average effective federal tax rate for American taxpayers is 11%.
● Individuals with adjusted gross income of $50,000 or less, the average effective tax rate is less than 5%. (shown on IRS data)
● Those earning between $50,000 and $75,000 pay an average effective income tax rate of 7%.
● 8% for those taking in $75,000 to $100,000.
● 12% percent for those between $100,000 and $200,000.
|[Note: Most of Romney’s income comes from investments which are taxed at lower rates, because they are taxed several times, ie., when he earned those dollars, then when he invested them. We will deal with that later.]|