Romney only pays 1.6% taxes because most of his income is not subject to the 12.4% social security tax
SS tax is only paid on the first 110,000 so when you make millions that figure becomes very insignificant. So deduct the 12.4% from the 14% he pays, you get 1.6%..they should bring that up in the debates.
Actually Mitt Romney who earned over 14 million in 2011 only pays Social Security taxes on less than one percent of his income, the other 99 per cent is free of the 12.4% social security deduction. People earning less than $110,000 have to pay 12.4% SS taxes plus around 7% local and State taxes so 20% of their wages are eaten up by taxes before the Federal deduction is added in...Romney only pays a total of 14% taxes...point is that people earning over $110,000 do not have to pay SS taxes on anything they earn over $110,000..that's a real break.