Who Wants To Tax A Millionaire?

Mitt Romney says his effective tax rate was "closer to 15%" last year.  Who paid a higher tax rate than Mittens did in 2011?  If you made more than $50,000 in income last year, the answer is "You, sucker!"

Now that Mitt Romney's confirmed what we've long suspected about his effective federal tax rate -- "It's probably closer to the 15 percent rate than anything" -- we have a fact worth contextualizing. Though it could easily be less, assume Romney effectively pays 15 percent in taxes on all his income to the federal government. How does he stack up to the rest of us, most of whom are regular wage earners? When you account for the fact that most people also pay payroll taxes, and don't enjoy enormous deductions, credits or other benefits, you see that Romney's making out about as well as a taxpayer who makes $50,000 a year. Not bad for a man whose net worth is estimated to be in the neighborhood of a quarter billion dollars.  

And every single Republican running for President thinks Mitt Romney pays too much in taxes.  All of them want to sharply cut or eliminate totally the capital gains tax.  Meanwhile, nearly all of their flat tax plans would raise taxes on the poorest Americans while cutting them for those making six figure incomes or more.

That's what's in store if the GOP gets control, folks.