Originally Posted by chiefst2000
I doubt he paid even a lower rate then Winston. As a married homeowner with 2 kids, making a nice 6 figure income, my federal income tax rate is right at the 12% mark. Now I also pay around 10% in property tax, 8% in state tax, almost 16% in entitlement tax, and 10% in mortgage interest and 5% in charitable donations. I contribute the maximum yearly to 401K and also get tax deductible health insurance. My insurance premiums have gone up from 16K a year in 2009 to 25K a year in 2013 (effing Obamacare). Single people that rent would pay more but most middle class families are more burdened by local taxes then Federal. If you add up all the taxes I pay it ends up around 46% of my income.
So the liberals understand out there if someone like me, the average productive suburbanite family, is already paying close to 50% of income to some form of taxation there is no tax increase formula that will ever close a trillion dollar deficit. It is impossible. Its why those with real understanding of the challenges we face understand that without a cost cutter in office we are screwed.
Unlike you I don't have kids who are any longer deductible, a majority of my income comes from wages most of with are at the top federal tax bracket. Since I'm self employeed my retirenment money comes off the top line and is not part of my adjusted gross income and as you well know is taxable later so no that doesn't reduce my tax rate from the adjustment it simply defers the tax until later.
I have very little income from dividends, have avoided tax free's like the plague because I think they very well could be viral and my investments are long term none interest paying since I don't need income now.
Since the OP was about rates and I'm paying in the low 20's effective federal tax rate I clearly do pay a higher rate then Romney.
Now while you keep telling us Romeny has a revenue nutral tax plan that lowers rates by getting rid of deductions, I would like to know which deductions are going to go? As you well know most every deduction has a constituent and getting rid of them without actually naming them is hardly belivable.