Romney's Real Tax

Kliphnote: I'm sure the people that pay no (0-zero) federal income tax

want Romney to pay 90% federal income tax. And 8% state income tax.

Along with 3% Medicare and 12% Social security tax. 

Add sale tax to that. Take all his money and give it the low income.

What's Mitt Romney's Real Tax Rate: 15% or 50%?

By contributors@theatlantic.com (Derek Thompson) | The Atlantic – Tue, Jan 31, 2012 9:19 AM EST

Some conservatives insist the GOP frontrunner pays half his income to the government. Their math is wrong, but their point is right on: Double taxation is a problem.

Reuters

When the media reported that Mitt Romney's total tax rate was 15%, some people were mad at Romney for taking advantage of the tax code.  But others were mad at the media for getting it wrong.

Mitt Romney's tax rate was not 15%, this group said. It was more like 50% because Romney's income is doubled taxed. He derives the vast majority of his income from corporate investments, which are taxed first under the 35% corporate income tax rate and second under the 15% rate for capital gains.

"There are two levels of taxation in capital gains," Mitt Romney explained succinctly to Larry Kudlow on CNBC. "One at the corporate level, which is a 35% rate, and another at the individual level, which has been 15%. So combined it's about a 50% tax."