01/20/2012 08:55 am ET

What People Pay In Taxes Versus What They Think They Pay

WASHINGTON — When people heard that Mitt Romney’s federal income tax rate was about 15 percent, the immediate reaction of many was to assume that their own rate was higher. The top marginal rate is 35 percent, after all, and the marginal rate on a couple with $70,000 in taxable income is 25 percent.

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