Aug 16

Tax rates

By MultiplyWealth's Team

Effective tax rates are always lower than top income tax rates, due to credits, deductions and exemptions that cancel out all or much of the income tax many Americans would otherwise owe in taxes. Some 80% of Americans have an effective rate below 15%, according to the Tax Policy Center. For families making $50,000 to $75,000, the effective tax rate is 5.7%. From $75,000 to $100,000, it's 7.2%. And if you make $200,000, it goes up to 9.9%. A lot of households at the highest income brackets -- like Romney's -- make a lot of their money from tax-advantaged investments, such as capital gains and tax-free bonds. And they tend to have a lot of itemized d

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