The Romney campaign is still refusing to release any more tax returns but Romney is offering up a little information about the rate he paid in federal income taxes. Assuming he’s telling the truth, he says he never paid less than — wait for it — 13 percent.
Mitt Romney told reporters on Thursday that he paid at least 13 percent in federal income taxes each of the last 10 years.
“I did go back and look at my taxes and over the past 10 years I never paid less than 13 percent,” Romney said to reporters at a press availability in South Carolina, according to a pool report. “I think the most recent year is 13.6 or something like that, so I paid taxes every single year.”
Wow, 13%. Does he realize that this puts his income tax rate at less than the 2nd lowest rate paid in this country? Those who make between $8,701 and $35,350 pay a 15% rate, for crying out loud. And it’s less than half what I paid, and I’m hardly a rich man. The marginal rate for his income bracket is 35%, but since almost all of his income comes from investments rather than earnings, his baseline rate is only 15%. Which means he really isn’t writing much off to get to 13% or more. But that difference between the capital gains rate and the top marginal rate means he is paying a lower rate than those who make under $35,000 a year. And under the Ryan plan, his taxes would drop to almost zero and those making under $35,000 would see their taxes go up.