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Analysis posted Feb 05 2012, 1:33 PM Category: Economy Source: InformationLiberation Print

Author James B. Stewart: I pay a 74 percent tax rate

Chris | InformationLiberation

Is James B. Stewart paying the highest tax rate in America?

Famous author and Pulitzer Prize winning journalist James B. Stewart added up all the taxes he paid in one year, and he was stunned to learn his tax rate is an astonishing 74%.

How's that for "paying his fair share?"

Via the NYT:
In the many years I’ve been paying income taxes, I’ve never actually done the math to calculate my tax rate. Until now.

After all, Debbie Bosanek, Warren Buffett’s secretary, earned a seat in the limelight next to the first lady, Michelle Obama, at the State of the Union address for paying what ABC News reported was a tax rate of 35.8 percent. It isn’t clear what Ms. Bosanek meant by 35.8 percent — whether that’s her marginal federal tax rate or total tax rate, or whether she included the Nebraska state income tax.

At the other end of the spectrum, the Republican candidate Mitt Romney released his 2010 tax returns that showed he paid federal income tax of just over $3 million, 13.9 percent of his adjusted gross income of $21.7 million, or 17.5 percent of his taxable income of $17.1 million.

So with all the focus on tax rates, I sat down with my 2010 returns, calculator in hand. I’m still reeling from the results.

I paid 24 percent of my adjusted gross income in federal taxes and 37 percent in combined federal, state and local income taxes. I paid 49 percent of my taxable income in federal income tax, and 74 percent of my taxable income in combined federal, state and local income taxes. My totals include federal payroll and self-employment taxes.

When I reported the results to a few prominent tax experts, they were initially incredulous. “That’s very, very high,” said Robert Willens, a tax lawyer. “Congratulations.”
Read his full piece here.





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Comments 1 - 3 of 3 Add Comment Page 1 of 1
Peter

Posted: Feb 06 2012, 6:50 AM

Link
8067 Could you please post the entire article ??
(Yeah, I know, 'IP-rights' and what not..)
Maybe the author has posted it himself somewhere else ?
At that tax-rate it may even be a better deal for him to NOT receive any money for his writings !

I would really like to read the entire article without having to sign up for a 'free' NYT-account.. Because as someone said recently :
"When a commercial web-service is free, you are not the customer .
You are the good being sold ! "
Also, I live in one of the Scandinavian 'welfare-states'.
The tax-rate the author claims is even higher than in Norway,
Denmark or Sweden !!
It would be interesting to compare what the author GETS in return
with what a Norwegian with a comparable income gets .
(We can leave out the military contribution, everybody knows America spends more on the military than the rest of the World COMBINED !)
Chris

Posted: Feb 06 2012, 7:20 AM

Link
Maybe try this link, usually if you Google the title of any NYT article you can get around any restrictions if you arrive at their site through Google.

http://www.google.com/url?sa=t&rct=j&q=paying%20far%20more%20than%2013.9%25%3A%20a%20taxpayer%E2%80%99s%20lament&source=web&cd=1&ved=0CCMQFjAA&url=http%3A%2F%2Fwww.nytimes.com%2F2012%2F01%2F28%2Fbusiness%2Fa-personal-and-painful-tax-reality-common-sense.html%3Fpagewanted%3Dall&ei=aMUvT7aLDMifgwe_uNz7Dw&usg=AFQjCNFZ-STksx-vzxqLJ9sZb5t8gNmiwA&cad=rja

Here's how you can get around their paywall:

>>>Pasting this line into the url/address bar of your browser on a walled article page should 'optimise' your experience:

javascript:$('overlay').hide();$('gatewayCreative').hide();$(document.body).setStyle({overflow:'scroll'});

Tip: create a bookmark with this code for quick access.

Tip 2: or you could just remove everything past the &gwh= part of the url :)

Tip 3: or press the ESC key before the page fully loads :)
Peter

Posted: Feb 07 2012, 10:50 AM

Link
8067 Thanks a lot Chris, I'm really looking forward to reading this ..

I was taught in school that one reason for the revolt against the Catholic church in Europe was that they demanded 10% tax from the peasants ...

10% ?? LUXURY !!
https://www.youtube.com/watch?v=Xe1a1wHxTyo


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