Ugh... The only thing that is wrong here is that people believe and spread this junk.
This is a conservative blog, obviously, but we believe if you're going to vote, regardless of whichever side you're on, we hope you have the truth behind any and all information you care about. If you have read this blog recently, you certainly have realized that we are growing tired of this constant lie that claims millionaires pay lower tax rates than the middle class. Obama and the leftist media broadcast this like it's the norm. It's not. Yes, there are some select cases (as the Congressional Research Service report on the Buffett Rule shows) of this, but since the fact exists that only 25% of millionaires pay lower tax rates than 10% of middle class taxpayers, it's statistically slim at best. We will not rest until the truth is seen.
In comes the picture above. Let's make this clear: it is 100% false. The average teacher (salary of $40,000 yearly) does NOT pay an effective tax rate of 25%. The following chart shows the average income tax rates for various income group breakdowns:
If you factor in payroll taxes (6.2% for Social Security, the pre-payroll tax holiday rate, and 1.45% for Medicare taxes) of 7.65% total, the average American worker earning approximately $40,000 pays an average tax rate of 14.45% before deductions. When deductions are factored in, the middle-class taxpayer pays a final effective tax rate that is much lower than 14.45%. After deductions, Mitt Romney paid a final effective tax rate of 13.9%. For comparison purposes, using a real-life example, as seen in the chart shown in this blog post (http://bit.ly/yCNO36), MY final effective tax rate is 13.5%.
Well, what about teachers? What about the claim that teachers pay 25% as seen in the propaganda above? Funny you asked... my wife is a teacher. Just as I did in the previous link, I am sharing her tax information (with her permission, of course). See the chart below:
Yes, the house is in my name for now. Regardless, look at the rate. 13.7%!!! It isn't even close to the alleged 25% rate seen in the poster above. Truth? Well, it is one example of it. But, with the IRS chart above and the numerous studies and reports we have highlighted throughout this blog, the truth is that millionaires DO NOT pay lower tax rates than the middle class. I would love to see someone come forth with evidence that millionaires do. Thank you.