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A new ad from the Obama campaign claims that Mitt Romney “paid only 14 percent in taxes—probably less than you.” That depends. Romney paid a federal income tax rate that is higher than the income tax rate paid by 97 percent of tax filers. But if you include a combination of income taxes and payroll taxes — which make up the bulk of federal taxes for most taxpayers — the ad is accurate.
The ad, called “Stretch,” is the first to feature a report from the Tax Policy Center that concluded a plan like Romney’s proposal for across-the-board tax cuts, together with the goal of remaining revenue neutral, would ultimately raise taxes on people making less than $200,000 a year. The ad contrasts those findings with data from Romney’s 2010 tax return.
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