Even if he's single, his *marginal* tax rate (how many Murkans even know what that means?) would have been only 28% on a TAXABLE income of 144K. If he made 144K, the taxable income would be quite a bit less - subtracting out the personal exemption, deductions (itemized or standard) and any tax credits.
http://taxes.about.com/od/2006taxes/qt/2006_tax_rates.htm from the article:
Tax rates apply only to taxable income. Non-taxable income encompasses tax-free interest on municipal bonds, above-the-line adjustments, itemized deductions or the standard deduction, and personal exemptions. Taxable income is almost always less than your total income.
<snip>
Single Filing Status
(Tax Rate Schedule X)
10% on income between $0 and $7,550
15% on the income between $7,550 and $30,650; plus $755.00
25% on the income between $30,650 and $74,200; plus $4,220.00
28% on the income between $74,200 and $154,800; plus $15,107.50
33% on the income between $154,800 and $336,550; plus $37,675.50
35% on the income over $336,550; plus $97,653.00
Married Filing Jointly or Qualifying Widow(er) Filing Status
(Tax Rate Schedule Y-1)
10% on the income between $0 and $15,100
15% on the income between $15,100 and $61,300; plus $1,510.00
25% on the income between $61,300 and $123,700; plus $8,440.00
28% on the income between $123,700 and $188,450; plus $24,040.00
33% on the income between $188,450 and $336,550; plus $42,170.00
35% on the income over $336,550; plus $91,043.00
Married Filing Separately Filing Status
(Tax Rate Schedule Y-2)
10% on the income between $0 and $7,550
15% on the income between $7,550 and $30,650; plus $755.00
25% on the income between $30,650 and $61,850; plus $4,220.00
28% on the income between $61,850 and $94,225; plus $12,020.00
33% on the income between $94,225 and $168,275; plus $21,085.00
35% on the income over $168,275; plus $45,521.50
Head of Household Filing Status
(Tax Rate Schedule Z)
10% on the income between $0 and $10,750
15% on the income between $10,750 and $41,050; plus $1,075.00
25% on the income between $41,050 and $106,000; plus $5,620.00
28% on the income between $106,000 and $171,650; plus $21,857.50
33% on the income between $171,650 and $336,550; plus $40,239.50
35% on the income over $336,550; plus $94,656.50
Tax Calculation Example
Mary is a single taxpayer with $350,000 of taxable income. Her income is taxed in each of the tax brackets, as follows:
$755.00 (tax on the first $7,550 of Mary's income, taxed at the 10% rate), plus
$3,465.00 (tax on the income between $7,550 and $30,650, taxed at the 15% rate), plus
$10,887.50 (tax on the income between $30,650 and $74,200, taxed at the 25% rate), plus
$22,568.00 (tax on the income between $74,200 and $154,800, taxed at the 28% rate), plus
$59,977.50 (tax on the income between $154,800 and $336,550, taxed at the 33% rate), plus
$4,707.50 (tax on the income over $336,550, taxed at the 35% rate), for a grand total tax of
$102,360.50.
From the example, a SINGLE person with a TAXABLE income of $154,800 would pay $22,568 in income tax - 14.6% of the TAXABLE income.
And even if he was subject to the AMT, those rates are 26 or 28%, from what I can tell.
Bottom line - no way did he pay 35.3% of his gross (or even his taxable) income in income tax.
I DO wholeheartedly agree that the wealthy pay far too small a percentage of their income in taxes.
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