Mitt Romney's statement that he pays an effective tax rate of around 15 percent has generated a great deal of confusion over how much wealthy taxpayers actually pay in taxes and at what their "effective," or average, tax rates are after credits and deductions. So it is helpful to review the latest data from the IRS for 2009. [Much of this is a reposting of a blog I wrote I wrote last September 21st.]
The table below shows that of the more than 140 million tax returns filed in 2009, roughly 237,000 reported adjusted gross incomes above $1 million. Those 237,000 returns had a combined income of $727 billion, about 10 percent of all the income earned that year.
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