The democrats demands or tax return disclosure is a joke. Debbie Wasserman Schultz has already declared that Mitt Romney has paid 14% of his 20 million income. That means that she has admitted that Romney has Paid 2 million 8 hundred thousand dollar in income taxes in one year while Harry Reid declares that he has info that Romney has not paid any income tax for 10 years. Is Wasserman Shultz calling Reid a liar or is Reid calling Waserman Schultz a liar. First their is no 14% tax bracket. The tax brackets are 10, 15, 25,28, 33% and 35 %- The 35% bracket is for all those with taxable incomes over $390,500.
There are 2 types of tax percentages the effective tax % of tax to adjusted gross income and the applied tax % of taxable income after adjustments, exemptions deductions and tax credits, all of which are specified in the tax code.
Since when is $2,800,000 not a fair share. the vast majority of middle and low income taxpayers pay less than 12% of their AGI and the demo adds harp on the fact that Romney has paid 14% of his AGI. What is a fair share?
Well the IRS releases statistics every year on the number of tax returns filed and the income tax generated from those returns. The latest statistics are for the year of 2009. These statistics show the number of returns filed as 104 million 164 thousand, 970 which generated taxes on 5 trillion,091 billion, 769 million,819 thousand of income and generated $953 billion, 411 million, 142 thousand of income tax revenues or a little under of $500 per return average.
Remember all of the tax credits that the more affluent members of society enjoy have been put into place by a large percentage of those elite members of society, ie politicians. So how much of the incentive to serve our country comes from love of country and how much from love of money especially for long term politicians. The argument for term limits has been well established by the financial perks exclusively available to our long term elected officials including the disontinuance of the Social security payroll ax once their earnings from wages bonus's, etc exeed $110,000 per yr and their exorbitant political perks are not subjct at all.
As for foriegn income upon which foriegn income taxes are paid and then credited against US taxes generated, while taxes paid to US states is only allowed as a deductable item reducing taxable ncome, this application is one of the incentives to take money out of the country.