Summary: With so much media attention on GOP presidential candidate Mitt Romney’s taxes, a closer look at what exactly “effective tax rate” means, why Romney reportedly paid a 15 percent rate while President Obama and Vice Presidential candidate Paul Ryan paid 20 percent, and what average Americans pay on their income. Also, documents recently obtained and published online by Gawker.com show that Bain Capital used an aggressive tax strategy to save its partners more than $200 million in income taxes and more than $20 million in Medicare taxes, a strategy that that some tax attorneys say is illegal. Plus, financial advice: when it’s best to start taking Social Security. Midday Money, our personal financial hour with Megan Avery, president of Legacy Tax Advisory and Consulting and Michael Kitces, partner and director of research, Pinnacle Advisory Group.
