Hey Plusers. I am not making a political statement here, just correcting a very misleading graph going around the internetS today. The original graph compared Romney's effective tax rate to the tax bracket of a typical american who is married and bringing in $60k.
There is a huge difference in your tax rate and your effective tax rate. Considering there are almost 74,000 pages if you printed out the U.S. tax code, it's safe to say there are many factors that affect what your effective rate is. Thankfully there are online tools to help estimate.
For our friend, Mr. Everyday American bringing $60k home to his wife, the effective rate is: 13.55% according to: http://www.smartmoney.com/personal-finance/taxes/whats-your-average-tax-rate-9548/
Thank you plusers for debunking this gross misrepresentation of statistics and infographics in under 20 minutes and to +Matt Probstfeld II
for doing the leg work to find a decent online calculator.#msnbcfail