Mitt Romney: It's fair I pay a lower tax rate than people making $50,000

[DLnyc]

9. A person making 50,000, in my experience, will have between 28 and 33% of that withheld.

Actually anywhere from 30,000 to 100,000, you're going to be in that 28 to 33% range, in my long experience.

Maybe less than 14 of that 28 to 33 is FEDERAL INCOME tax, but nonetheless you don't get any of the money, it goes to Medicare, Social Security, State and Local taxes.

Plus you are actually paying another 7% that your employer takes out of what he/she would be paying you to pay his/her share of your Soc. Sec.

so 35 to 40% of your pay goes to taxes.

Note that only the first 100,000 or so of the 20,000,000 Rmoney makes in a year is counted in figuring Social Security tax, so Social Security and Medicare taxes would add less less that about 0.1% out to that 14%.

So most of us pay a much higher percentage of our income to taxes (by 2 or 3 times) than Rmoney does.

(oops edit 2nd to last paragraph to un-gibberishize it. Sorry. I'm no accountant, but I've never in my life had a paycheck that wasn't missing at least 28% in withholding, almost always about 33%, in fact.)