These are the tax brackets for 2011
Tax Brackets 2011 Single Married Filing Jointly Head of Household
10% Bracket $0 – $8,500 $0 – $17,000 $0 – $12,150
15% Bracket $8,500 – $34,500 $17,000 – $69,000 $12,150 – $46,250
25% Bracket $34,500 – $83,600 $69,000 – $139,350 $46,250 – $119,400
28% Bracket $83,600 – $174,400 $139,350 – $212,300 $119,400 – $193,350
33% Bracket $174,400 – $379,150 $212,300 – $379,150 $193,350 – $379,150
35% Bracket $379,150+ $379,150+ $379,150+
Capital gains is a graduate level taxation topic in Masters programs.
What is hidden from most of you: Romney pays no social security or medicare on any of this money, too. In addition to the above brackets, the average wage earner also pays social security and medicare tax (payroll taxes).
Romney is paying less than someone in the lowest tax bracket! This guy is hopelessly out of touch with the average taxpayer. He is working a system designed to reward the ultra wealthy.
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