Mitt Romney’s disclosure this week that he likely pays close to a 15 percent income tax rate is the latest reminder that most Americans pay far less than the official income tax rates, taking advantage of various wrinkles in the tax code as well as deductions for everything from children to charity. Wealthy taxpayers like Romney and billionaire Warren Buffett generally pay far lower effective tax rates because of laws that tax investment income at much lower rates than wages or salaries.
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