If Mr. Romney is telling the truth about his taxes, he’s actually more
or less typical of the very wealthy. Since 1992, the I.R.S. has been
releasing income and tax data for the 400 highest-income filers. In
2008, the most recent year available, these filers paid only 18.1
percent of their income in federal income taxes; in 2007, they paid only
16.6 percent. When you bear in mind that the rich pay little either in
payroll taxes or in state and local taxes — major burdens on
middle-class families — this implies that the top 400 filers faced lower
taxes than many ordinary workers.
More Krugmany goodness.
