Obama Has A Tax Rate of 18.4%

[red states rule]

Is it just me, or didn't Obama, the liberal media, and wealth envy libs have a cow over the "low" effective tax rate of Mitt Romney and other successful people? They were outraged they were paying a "lower rate" then middle class people

Well, Obama's (and VP Joe's) tax return was released today and guess what?

Obama paid an effective tax rate of 18.4%

Anyone want to bet there will be no "outrage" from the liberal media and Obama lovers?




President Barack Obama and first lady Michelle Obama (http://www.debatepolicy.com/?controllerName=search&action=search&channel=business%2Fbloomberg&search=1&inlineLink=1&query=%22Michelle+Obama%22) earned $608,611 in adjusted gross income in 2012, down 23 percent from 2011 as royalties from Obama’s books continued to decline, tax returns released today showed.


Obama and his wife paid $112,214 in federal taxes for an 18.4 percent rate. That’s less than the 20.5 percent rate they paid the year before.


While still making more than 10 times the U.S. median income, they made less money in 2012 than they had in any year since 2004, when Obama was running for the U.S. Senate (http://www.debatepolicy.com/?controllerName=search&action=search&channel=business%2Fbloomberg&search=1&inlineLink=1&query=%22U.S.+Senate%22) in Illinois.


In 2012, the Obamas made $150,034 in charitable contributions and paid $45,046 in mortgage interest on their home in Chicago.


Their largest charitable contribution -- $103,871 -- went to the Fisher House Foundation (http://www.debatepolicy.com/?controllerName=search&action=search&channel=business%2Fbloomberg&search=1&inlineLink=1&query=%22Fisher+House+Foundation%22), which assists military families. They also donated money to the American Red Cross (http://www.debatepolicy.com/?controllerName=search&action=search&channel=business%2Fbloomberg&search=1&inlineLink=1&query=%22American+Red+Cross%22), the National AIDS Fund (http://www.debatepolicy.com/?controllerName=search&action=search&channel=business%2Fbloomberg&search=1&inlineLink=1&query=%22National+AIDS+Fund%22), the University of Hawaii Foundation (http://www.debatepolicy.com/?controllerName=search&action=search&channel=business%2Fbloomberg&search=1&inlineLink=1&query=%22University+of+Hawaii+Foundation%22) and Sidwell Friends School (http://www.debatepolicy.com/?controllerName=search&action=search&channel=business%2Fbloomberg&search=1&inlineLink=1&query=%22Sidwell+Friends+School%22), which their daughters attend.
The Obamas reported paying $29,450 in Illinois income taxes.


Read more: http://www.sfgate.com/business/bloomberg/article/Obamas-Paid-18-4-Federal-Tax-on-608-611-of-4430409.php#ixzz2QLCx73RH

[Tyr-Ziu Saxnot]

Is it just me, or didn't Obama, the liberal media, and wealth envy libs have a cow over the "low" effective tax rate of Mitt Romney and other successful people? They were outraged they were paying a "lower rate" then middle class people

Well, Obama's (and VP Joe's) tax return was released today and guess what?

Obama paid an effective tax rate of 18.4%

Anyone want to bet there will be no "outrage" from the liberal media and Obama lovers?

Yes, the liar rips others for not paying enough declares any amount over 250,000 a year qualifies one as "filthy rich" and thus should be taxed more. Yet he uses tax people to pay the least he can. To a liberal mind that's just fine because liberals are above the law an only we peons should have to obey the laws.

[DragonStryk72]

You know why all the rich people have lower effective tax rates? Because they hire accountants and tax attorneys to make certain their libability is as low as possible. The central problem is not how much the rich are paying, but the broken and top-heavy progressive tax system.

[red states rule]

Yes, the liar rips others for not paying enough declares any amount over 250,000 a year qualifies one as "filthy rich" and thus should be taxed more. Yet he uses tax people to pay the least he can. To a liberal mind that's just fine because liberals are above the law an only we peons should have to obey the laws.

For a guy who ran on class warfare and demanded the "rich" pay their fair share - he ignores the demands he makes on others. I am not surprised nor am I surprised by the silence from the rich hating rabid left

I would have thought at least ONE Obama supporter would have stepped up and offered some lame defense on his behalf

[red states rule]

You know why all the rich people have lower effective tax rates? Because they hire accountants and tax attorneys to make certain their libability is as low as possible. The central problem is not how much the rich are paying, but the broken and top-heavy progressive tax system.

Libs are not happy even though the top 1% pay over 40% of all federal income taxes collected and they demand they pay more

Meanwhile the bottom 50% pay les then 3% of all federal income taxes collected and libs feel they are over taxed

Hell you have some who pay ZERO in taxes and get a "refund" in the form of the Earned Income Tax Credit (ie welfare handout)

It is a totally f'd up tax code