Where does the fair income tax rate land?
Much has been said and written in recent weeks about our individual federal income tax rate.
Because the income tax law is complex and regulations are so voluminous, Americans do not pay a single tax rate.
Rather, the tax rate depends on the kind of income you have, your deductions, and if Congress has enacted special credits for this and that.
In 2010, the Obamas had $1.79 million in total income, an effective tax rate of 26 percent, and their tax return was 59 pages.
The Gingriches reported total income of $3.1 million, that their effective tax rate was 31.6 percent, and that their tax return was 46 pages. Then there are the Romneys who are indeed a wealthy couple. Their tax return required 203 pages to report total income of $21.6 million and their effective tax rate was 13.9 percent.