The economy is struggling right now, and many people are looking for a place to put their anger and frustration at being unemployed or underemployed. The Obama presidential campaign is fully prepared to direct this anger anyplace other than the man who has been in charge of the country’s economy for the past three and a half years. It has gotten so bad that even the Washington Post (not a bastion of conservatism) is fact-checking what the Obama campaign says and awarding the appropriate number of Pinocchios.

Mitt Romney is rich. He has earned his money. (The advantage of having a rich president is that he and his family spend less taxpayer money on vacations.) The Obama campaign put out the following tweet:

“FACT: In 2010 and 2011, Romney paid less than 15% in taxes on $42.5 million in income—much less than what many middle-class families pay.” (awarded Three Pinocchios by the Washington Post)

This was specifically designed to stir up envy and class warfare among voters. The problem with the tweet is that it is not true. The Washington Post awarded it three Pinocchios.

The Washington Post reports the actual facts:

Romney released his 2010 tax return and an estimate of his 2011 return earlier this year. He earned a little more than $20 million each year, a good chunk of it in capital gains and dividends, which are taxed at a preferential rate as low as 15 percent.

But that’s not the only reason why Romney’s tax rate is at that level. He also donates about 14 percent of his income to charity, which gives him a pretty big tax deduction. (As we have noted, President Obama in 2010 also gave about 14 percent of his income to charity.)

Indeed, Romney gives about as much to charity — $3 million — as he pays in taxes. Those itemized deductions are counted against income that would ordinarily be taxed at a 35-percent rate. We figure that without those donations to charity, his effective tax rate would be at least 19 percent.

Just in case you are buying into the lie that the rich don’t pay their fair share of taxes, the Washington Post also posted the following information:

Effective Tax Rates (taxes paid on tax return)

Bottom 20 percent (0-$17,000):         -5.8 percent

Second 20 Percent ($17,000-$33,500):  1.3 percent

Middle 20 percent ($33,500-59,500):  9.2 percent

Fourth 20 Percent ($59,000-$103,500): 12.9 percent

Top 20 Percent ($103,500+):  20.6 percent

Effective Tax Rates (also including payroll tax paid by employer)

Bottom 20 percent (0-$17,000):         1 percent

Second 20 Percent ($17,000-$33,500): 7.8 percent

Middle 20 percent ($33,500-59,500): 15.5 percent

Fourth 20 Percent ($59,000-$103,500): 18.7 percent

Top 20 Percent ($103,500+):  24.3 percent

We live in a country where almost 50% of the people do not pay taxes. Until this changes and all voters pay taxes, our tax system will probably not get fixed. Right now, the tax code is a tribute to special interests who have successfully lobbied Congress for tax breaks. The answer to the tax code is simplicity and transparency. It’s time to elect people who will make the necessary changes–not people who lie about what the tax code actually is.