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Started By
Message
Obama pays tax rate of 20%
Posted on 4/11/14 at 7:06 pm
Posted on 4/11/14 at 7:06 pm
quote:
Today, the President released his 2013 federal income tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $481,098. The Obamas paid $98,169 in total tax. The President and First Lady also reported donating $59,251 – or about 12.3 percent of their adjusted gross income – to 32 different charities. The largest reported gift to charity was $8,751 to the Fisher House Foundation. The President’s effective federal income tax rate is 20.4 percent. The President pushed for and signed into law legislation that makes the system more fair and helps the middle class by extending tax cuts to middle class and working families and asks the wealthiest Americans to pay their fair share. In 2013, as a result of his policies, the President was subject to limitations in tax preferences, as well as additional Medicare and investment income taxes, for high income earners. The President and First Lady also released their Illinois income tax return and reported paying $23,328 in state income tax.
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Posted on 4/11/14 at 7:13 pm to pistolpete23
quote:
The largest reported gift to charity was $8,751 to the Fisher House Foundation.
That's an odd amount, isn't it?
Posted on 4/11/14 at 7:15 pm to HonoraryCoonass
20% is probably a high-ish effective tax rate for his bracket.
He needs a new accountant. Wasn't Romneys like 15%?
He needs a new accountant. Wasn't Romneys like 15%?
This post was edited on 4/11/14 at 7:17 pm
Posted on 4/11/14 at 7:18 pm to SanFranTiger
quote:
He needs a new account. Wasn't Romneys like 15%?
Different type of income. Additionally Obama is the one who cries about the rich not paying their "fair share" but I'll bet he took every deduction possible…despite living on the People's dime for the last 5 years.
This post was edited on 4/11/14 at 7:19 pm
Posted on 4/11/14 at 7:21 pm to SanFranTiger
quote:
He needs a new accountant. Wasn't Romneys like 15%?
When Romney was running for president, and libs were obsessing over his taxes, he was unemployed. Romney was paying taxes on his capital gains. Different rate.
Posted on 4/11/14 at 7:52 pm to HonoraryCoonass
quote:
That's an odd amount, isn't it?
Caring for a reason
Posted on 4/11/14 at 7:54 pm to HonoraryCoonass
Speaking of Romney, I've got a CSB: I spoke to a guy today who flew yesterday from Los Angeles to Atlanta. He SWORE that Romney (of all people) was on his plane, flying alone, and in coach.
Make up your own minds.
Make up your own minds.
Posted on 4/11/14 at 10:42 pm to HonoraryCoonass
Romney always flies coach by himself and apparently won't speak to anyone.
Posted on 4/12/14 at 8:04 am to TotesMcGotes
Obama needs to step up and pay his fair share.
Posted on 4/12/14 at 8:32 am to pistolpete23
Can anyone explain how he only pays 2.9% self employment tax? I tried to go through the return to see how he avoids the ~13% that I pay for self employment tax on top of income tax. I'm sure I'm missing something. TIA.
This post was edited on 4/12/14 at 8:36 am
Posted on 4/12/14 at 8:43 am to WizardSleeve
Posted on 4/12/14 at 9:06 am to pistolpete23
Does anyone else think it's funny that their decrease in income is due to people not buying their books?
Posted on 4/12/14 at 9:09 am to WizardSleeve
quote:
Can anyone explain how he only pays 2.9% self employment tax? I tried to go through the return to see how he avoids the ~13% that I pay for self employment tax on top of income tax. I'm sure I'm missing something. TIA.
Probably because it's only applied to a portion of his income. He's not "self-employed" as president ( at least, not technically), therefore his presidential salary is not subject to that.
Posted on 4/12/14 at 11:49 am to HonoraryCoonass
quote:
That's an odd amount, isn't it?
Stock Transfer would be my guess.
Posted on 4/12/14 at 2:40 pm to pistolpete23
quote:
The President and First Lady also reported donating $59,251 – or about 12.3 percent of their adjusted gross income – to 32 different charities
According to an article posted here recently, donating to charity is racist.
Posted on 4/12/14 at 3:23 pm to La Place Mike
quote:
Does anyone else think it's funny that their decrease in income is due to people not buying their books?
Meh. At this point, anyone who wants one of their books already has one. The few exceptions are buying used books. Bestsellers have to be "new" and they have to wait until they leave office in order to avoid conflict of interest issues.
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