Tax Rates

In light of the fact that Mitt Romney has admitted paying 13% income tax each year, the WashPost has put together a great visual explanation of what constitutes the lowest, middle and highest tax brackets, what percentage they pay of their income, what percentage each pays of total rates earned and more.  When you do taxes the charts would be very helpful to explain to your students.  The bottom line is that Mitt Romney pays the rate of the middle 1/3rd of the population.   This, of course, brings up a good political question to discuss with your students.  For example, Romney was given shares of Bain Capital and is now paying only taxes on capital gains.  Should he pay more, should he release his tax returns.  Political scientists would say it really boils down to how people perceive the country's economic status and in particular in the swing states.