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Old 02-16-2012, 09:48 PM   #1558
JPhillips
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Join Date: Nov 2002
Location: Newburgh, NY
Good God. If you're going to write on tax policy at least take the time to understand how the federal code works.


Quote:
His federal income taxes rose from 2007, when he paid $167,000, to $310,000 in 2009, then dropped to $263,000 in 2010. Santorum paid a combined tax rate of 28 percent over the four years, putting him in a high tax bracket but not in the top 35 percent. Gingrich paid an estimated 31 percent, according to his federal returns, while Romney paid 14 percent because many of his earnings came from investments taxed at a lower capital gains rate. Both Romney and Gingrich recently disclosed income tax returns[...]

Nobody pays 35% because that rate doesn't apply to all income and deductions/exemptions/credits lower the AGI or tax liability. I suppose a single guy making a enough money and claiming only the standard deduction could be rounded up to 35%, but even then he wouldn't actually pay 35%.

It's shit like this that makes it hard for me to care that newspapers are dieing.
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Last edited by JPhillips : 02-16-2012 at 09:49 PM.
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