
Aside from showing how badly poor ol’ Joe Biden is getting the shaft (not to mention you and me), I love this chart, provided by the non-partisan Tax Policy Center, for graphically depicting the ginormous size of Mitt Romney’s income. I mean, seriously?
TPC goes on to explain that Obama’s 23.4% tax rate is based on the fact that only $394,821 of his income is from wages. Most of the rest of it ($441,369) was royalties from book sales. Why such income is taxed at a lower rate than wages, you’ll have to ask Republicans.
Speaking of which, most of Mitt’s “reported” $21 million is taxed at the much lower capital gains rate, so he is in the 15.4% range, while you and I are (hopefully) in the 16.7% bracket.
Joe, poor working stiff, gets most of his income from wages for being vice president, so he’s paying out the ying-yang at 30.5%, or about twice as high as Mitt. But knowing Biden, he probably doesn’t even mind.
It’s amazing to realize that the way Republicans have rigged the system, Mitt Romney is paying a smaller percentage in taxes than Pres. Obama, Vice Pres. Biden, or the average two-income family of four barely clinging to the middle class.
So who’s really got skin in the game?