This is getting old. Yes, I wrote a "Part 1" about this: http://loudmouthelephant.blogspot.com/2012/01/what-do-mitt-romneys-tax-returns-have.html. There is a specific reason I'm writing about this again, and this should be clear:
In spite of what Warren Buffet (my boss) says, in spite of what the mainstream media tells people, this notion that "the wealthy pay far lower rates than the average American worker" (I heard that exact phrase on the radio this morning) is simply NOT true. Hopefully, it can be summed up here. Hopefully, this disgusting myth can be dispelled, and we can finally get to some truth. I hope this gets passed on repeatedly,
First, I point to yet another article on CNN Money that discusses this myth (call this article 1):
This article even cites a previously written article written by the same author on CNN Money. (call this article 2):
I have written about this before. Both articles say the same thing: Mitt Romney, even at a 13.77% effective tax rate, pays a greater rate than the American worker. Article 2 says:
"But assuming he's correct, here's why his effective rate is probably higher than most people's: The effective tax rate is always going to be lower than one's top income tax rate. And the top rate for roughly four-fifths of Americans is 15% or less, said Roberton Williams, a senior fellow at the Tax Policy Center."