Romney's effective tax rate of 13.9% is only for federal income taxes. In order to start paying incrementally at the highest rate (35%), your income would have to exceed about $374,000. So you would pay the highest rate on $374,001 and above. In order for you to pay an effective income tax rate close to 35%, you would need to earn well over $ 1 million in ordinary income.
I suppose that is true for some. As far as I'm concerned anyone making any amount of money should be paying some income tax.
Please answer this question Ricter. My question to all the people who want to soak the rich is this: How would your life be better if someone else who earned more money than you had to pay an extra 5% more in taxes? How is someone elses income tax rate holding you back?
It's not defined yet because it's arbitrary, we have to debate what's fair. So, to start the discussion. ; ) 100% over $1,000,000.00 per year. If a guy can't "get out of bed" in the morning because he can't make more than this, then I'll buy him a one-way ticket to Russia. He can take his money too, we'll print a new dollar for every one he takes. 100% inheritance tax. This country should be a MERITOCRACY. If you're wealthy, your kids already have headstart enough. Don't like it? One-way ticket to Russia. Kids too.
How would your life be better if someone else who earned more money than you had to pay an extra 5% more in taxes? How is someone elses income tax rate holding you back, and inhibiting your success?
This is an interesting perspective coming from some one who pays no US federal income taxes, and lives outside of the US.