It turns out Jeb Bush had an average effective tax rate of 21.3 percent according to financial planner Michael Kitces on Yahoo Finance, not the 36 percent he’s been fudging about. Bush only paid more than 36 percent in one year — 2013 — while his rate was less than that in the other 32 years.
As Kitces explains, Bush’s “total tax liabilities are also inflated by the fact that for many years when he was self-employed, he paid self-employment (SECA) taxes. While this is certainly part of one’s total tax liability, it is somewhat confusing to include it in a normal effective income tax rate calculation as these taxes appear on the personal tax return simply because Bush was self-employed.”
Even though Jeb has released 13 years of new tax returns (bringing the total to 33 years), outlets like the Tampa Bay Times and Wall Street Journal are calling him out for his lack of […]Read more after the jump.