Mitt Romney is worried that half of make the wealth and half of us take the wealth. So is his running mate Paul Ryan. If this sounds like something out of a dystopian novel, that’s because it is. The world we live in is far different from the world Ayn Rand imagined. Just take a look at total taxes.
The chart above, from the Citizens for Tax Justice, looks at how much households earn and how much they pay in all taxes. In other words, it compares what percent of overall income they make and what percent of overall taxes the government takes from them. It’s not exactly a picture of moochers waging war on heroic entrepreneurs.
Read more. [Image: Citizens for Tax Justice]
I’m thinking the explanation is that the Wall Street Journal leans right while the New York Times leans left
but please note that the Times reported the Obamas’ effective tax rate on their adjusted gross income ($789,674), which works out to 20.5% — while the Wall Street Journal I guess used their unadjusted gross income ($845,000) to get an effective tax rate of 19%.
Which puts it closer to the Romneys’ effective tax rate of 14% on their 2010 income.
Clever Wall Street Journal-ers, thinking we wouldn’t notice.