The media is quoting Obama as paying 20.5% of his income as federal taxes and Romney as paying 15.4%. So having just completed my tax returns I see that I paid 7.7% and 11.8% of my gross income in federal taxes for 2010 and 2011 (excluding social security). Not bad for all the benefits I get.
In other words the 15% or so that you and your employer pay for entitlement programs? It's kind of specious to leave that out, although I realize that's the common practice.
Very little of my income the last two years was subject to social security - but when it is I pay the full amount (around 15%). I agree - the tax code needs to be overhauled in a major way.
