Fact Check: Romney's Tax Rate

[LadyEagle]

President Obama's campaign, with a good dose of help from the media, is pushing a claim that millionaire Mitt Romney is taxed at a "lower rate" than someone making $50,000 a year.

The claim, though, is open to debate. It only holds up in a particular scenario in which both income and all payroll taxes are counted.

The president's campaign presumably is referring to Romney's release last week of his 2011 tax returns, which showed he paid an effective tax rate of 14.1 percent.

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IRS data, though, shows that Romney's effective income tax rate -- that's what he pays as a percentage of his income once deductions and other benefits are factored in -- is actually far higher than what most Americans pay.

And it's certainly higher than what someone making $50,000 pays.

IRS data from 2010 shows someone making between $50,000 and $75,000 on average pays an effective rate of 7.8 percent. Even someone making between $100,000 and $200,000 pays a 12.1 percent rate -- also lower than Romney's.

Read more: http://www.foxnews.com/politics/201...x-rate-really-lower-than-yours/#ixzz27cdxbXu7

Once again, the obama campaign distorts the truth. Congressman Joe Wilson is correct - Obama lies!

 

[InTheLight]

IRS data, though, shows that Romney's effective income tax rate -- that's what he pays as a percentage of his income once deductions and other benefits are factored in -- is actually far higher than what most Americans pay.

And it's certainly higher than what someone making $50,000 pays.

IRS data from 2010 shows someone making between $50,000 and $75,000 on average pays an effective rate of 7.8 percent. Even someone making between $100,000 and $200,000 pays a 12.1 percent rate -- also lower than Romney's.

LE, you beat me to it. I had been meaning to post something similar to this for a couple of days. I bet most people on BB pay an effective rate of less than 7.8%.

Here's the effective tax rate challenge for everyone on BB.

Take your IRS 1040 form from last year (or any year, I suppose). Take your tax as determined and reported on line 46 and divide by the income amount listed on line 7. Express that number as a percent. Mine came to 5.2%.

 

[TCassidy]

Mine is 9.41%.

 

[convicted1]

Read more: http://www.foxnews.com/politics/201...x-rate-really-lower-than-yours/#ixzz27cdxbXu7

Once again, the obama campaign distorts the truth. Congressman Joe Wilson is correct - Obama lies!

And Romney doesn't? Listen, both Reps and Dems...and Ind's, and the Constitution parties all lie. I can't stand it when someone calls the Dems "lying liars" like the others are "Mother Teresa's". All parties are LIARS, that's how they got in there to begin with. They will tell you what they can do, just to get your vote. In reality, they had no clue what to do. They sang a song that voters would dance to. ALL politicians lie, period.

 

[SolaSaint]

Yes all are liars but sadly the left leaning media loves Obama's lies over Romney's and the majority of weak minded Americans fall for voting for Obama.

 

[OldRegular]

And Romney doesn't? Listen, both Reps and Dems...and Ind's, and the Constitution parties all lie. I can't stand it when someone calls the Dems "lying liars" like the others are "Mother Teresa's". All parties are LIARS, that's how they got in there to begin with. They will tell you what they can do, just to get your vote. In reality, they had no clue what to do. They sang a song that voters would dance to. ALL politicians lie, period.

The years are making you cynical. Let him that has never told a lie?

 

[convicted1]

The years are making you cynical. Let him that has never told a lie?

I am not being cynical, just truthful. All politicians lie. Some are just better at it than others.

 

[Aaron]

I am not being cynical, just truthful. All politicians lie. Some are just better at it than others.

All men lie, politician or not. Even the Christians.

 

[OldRegular]

I am not being cynical, just truthful. All politicians lie. Some are just better at it than others.

There is no doubt that democrats are better at lying than Republicans. That being said you seem to be holding politicians to a higher standard than people in general!

 

[convicted1]

There is no doubt that democrats are better at lying than Republicans. That being said you seem to be holding politicians to a higher standard than people in general!

Nope. A liar is a liar, is a liar, is a liar....


Look, both "dunces" lie. When they open their mouthes, there's a better chance a lie comes out than does the truth. I wouldn't vote for either of them for "Orkin man of the year", if I was overrun with fleas. I just call'em as I see'em......both are flat out liars.