Resolved Question: Is this the political slight of hand that we should expect from those on the Right?
- Posted on 3 Feb 2012, 4:01 pm | click here for more
This one is a hoot. The headline says man pays 102% income tax. However; once we receive into the article Mr. Ross says he pays 102% on his TAXABLE income. There are two parts of the income tax; the marginal rates and the effective rates. Effective rates are what you pay based on deductions; credits and exemptions. What isn't sheltered by the tax code is 'taxable'. By Mr. Ross's reasoning, most of us pay 100% income tax. Isn't that sneaky? http://finance.yahoo.com/news/102-tax-rate-takes-cake-160010322.html