Mitt Romney recently disclosed that his effective tax rate is about 15 percent, even though he’s estimated to be worth between $190 million to $250 million. How does this rate stack up against most Americans?
“A single worker who earns more than $35,350 in income pays a 25 percent tax rate on earnings above that amount. Many families that earn less than $100,000 per year pay an effective rate of just above that,” according to a Huffington Post article detailing Romney’s financial situation.
News like this bolsters Malcolm Gladwell’s argument that we need to re-establish the tax rate of the 1950s.
Gladwell on Income Inequality: We’re Off the Rails from The New Yorker on FORA.tv
Catherine Mulbrandon, creator of VisualizingEconomics.com, details where someone like Romney falls in America’s distribution of wealth.
The One Percent: Breaking Down US Wealth Distribution from The Big Picture Conference on FORA.tv