Cranky about your taxes? Obama campaign wants to rub it in
The Obama campaign wants to remind you of your tax rate, and how it compares with that of millionaire Mitt Romney, in a jab at one of the wealthiest men ever to run for president.
The campaign rolled out an online calculator letting individuals compare their tax rates to Romney’s, the presumed Republican nominee to face President Barack Obama in the Nov. 6 election.
Put $30,000 into the calculator as your annual income income and a box pops up showing such a households pays about 18.6 percent of their income in taxes. That’s followed by a box showing Romney’s 2010 tax rate of 13.9 percent.
Obama paid a tax rate of about 26 percent in 2010, according to his returns.
President Barack Obama this week is pushing his “Buffett rule” idea – a minimum 30 percent tax on households earning more than $1 million. The Democratic-led Senate will hold a test vote on a version of the rule on Monday, though it is not expected to garner enough votes to pass.
Still, Obama has been hammering the tax inequality theme in campaign events this week.
Romney pays a low tax rate because most of his income is through investments – taxed at a 15 percent capital gains tax rate, compared to the top 35 percent rate on wage and salary income.