There’s a lot of talk about income tax rates this year – from Mitt Romney’s 13.9% rate in 2010, to Warren Buffett’s revelation that he pays a lower rate than his secretary. It’s reasonable to imagine that more and more of us are noticing our own tax rates, fresh after filing our 1040 forms for 2011.
James B. Stewart has been writing about the subject for a while now in his "Common Sense" column in the Business Day section of The New York Times. Today he talks about the numbers from his most recently-filed tax return. As you’ll hear, he’s not happy about them, in spite of the fact that he made more money in 2011 than the year before.