Lots of people I know are incensed about Mitt Romney’s taxes.
They are ticked off. How dare he pay just 15 percent when I pay 33 percent or 35 percent?
I’ve got news for you. He’s probably paying a higher rate than you are.
The devil here is in the details. Ask anybody what they pay in taxes, and they’ll tell you their tax bracket. But that’s not the rate you pay on all your earnings.
The U.S. has a progressive tax system. It works like this: