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Old 04-12-2013, 04:18 PM   #1
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Default Obama paid a federal income tax rate of 18.4 percent

President Obama and Vice President Biden’s 2012 Tax Returns

The President’s effective federal income tax rate is 18.4 percent

Today, the President released his 2012 federal income tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $608,611. The Obamas paid $112,214 in total tax.

The President and First Lady also reported donating $150,034 – or about 24.6 percent of their adjusted gross income – to 33 different charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation.

The President’s effective federal income tax rate is 18.4 percent. The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up. Under the President’s own tax proposals, including limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it.

The President and First Lady also released their Illinois income tax return and reported paying $29,450 in state income tax.

http://www.whitehouse.gov/blog/2013/...12-tax-returns
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Old 04-12-2013, 04:22 PM   #2
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What's amazing is he shows an adjusted gross income of $608,611, when lives the lavish life style of a Hollywood movie star and spends more than that on a single vacation.
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Old 04-12-2013, 04:27 PM   #3
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What's amazing is he shows an adjusted gross income of $608,611, when lives the lavish life style of a Hollywood movie star and spends more than that on a single vacation.




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Old 04-12-2013, 04:23 PM   #4
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That is a lot of guap.
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Old 04-12-2013, 06:05 PM   #5
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it's easy to live on $600,000 year when taxpayers are paying 4-7 million dollars for your vacations.......
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Old 04-12-2013, 07:12 PM   #6
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it's easy to live on $600,000 year when taxpayers are paying 4-7 million dollars for your vacations.......
This just in: Heads of state get lots of perks (some 'perks' against their will, like 24/7 surveillance)

Should the president be required to pay for his own security? Should the president be charged rent for staying in the White House?

What purpose would that serve?
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Old 04-12-2013, 07:14 PM   #7
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tis good to be the King
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Old 04-12-2013, 07:29 PM   #8
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tis good to be the King
Spider's alive? Holy ****!
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Old 04-12-2013, 07:28 PM   #9
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Someone just made bail.
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Old 04-12-2013, 07:31 PM   #10
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Hi ya Fed ....still alive
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Old 04-12-2013, 07:31 PM   #11
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Lol, Spider is back. Best birthday present ever.
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Old 04-12-2013, 07:33 PM   #12
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went into Hiatus after I took on 3 oil field workers in a scrap , got 1 more fight tomorrow and then I am done
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Old 04-22-2013, 12:35 AM   #13
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went into Hiatus after I took on 3 oil field workers in a scrap , got 1 more fight tomorrow and then I am done
Still waiting for you in Columbus…


…but like a little b****…you keep ducking me…


Still trying to rape underage Wendy's employee's?
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Old 04-12-2013, 07:48 PM   #14
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Lol!
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Old 04-12-2013, 08:26 PM   #15
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So his proposed tax reform would raise his own taxes? Sounds good to me.
Like someone once said,the differance between a rich dem & a rich rep is a rich dem will vote against his own interest for the betterment of the country.
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Old 04-16-2013, 08:12 PM   #16
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So his proposed tax reform would raise his own taxes? Sounds good to me.
Like someone once said,the differance between a rich dem & a rich rep is a rich dem will vote against his own interest for the betterment of their voters in order to continue getting elected.
FYP
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Old 04-16-2013, 08:31 PM   #17
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FYP
that's their job. To do what's best for the people of this country. When you do what's best for the people,you tend to get reelected.
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Old 04-16-2013, 08:42 PM   #18
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that's their job. To do what's best for the people of this country. When you do what's best for the people,you tend to get reelected.
Whats best for the people, at the expense of the country. Their first job is to protect and defend the Constitution of the United States. They are failing miserably.
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Old 04-16-2013, 10:30 PM   #19
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Whats best for the people, at the expense of the country. Their first job is to protect and defend the Constitution of the United States. They are failing miserably.
We the people are the country.
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Old 04-13-2013, 03:56 AM   #20
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I think his tax is about right. He still has to pay tax on things he buys and all the other little taxes everyone gets hit with. Sure he's president so hes not paying a cable bill but when he buys a gift for his kids he still pays sales tax etc.

Also people need to stop about the lavishness of Obamas lifestyle. Compared to other leaders ours do not like all that high on the hog. Also though hes the leader of our country, we want him and his family to travel posh its the first family. I agree Obama should not be trying to make the sequester seem worst then it is, but I don't think his lifestyle that lavish. He does throw a lot of concerts and he should not have closed the white house for tours. They should just do both because you know the money is still there.

Hell n korea is probably a few years away from having working nuclear missiles or in other words we have bigger fish to fry. America **** Yeah.

I mean cmon what do you want Michelle Obama to do stay in a motel six?
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Old 04-13-2013, 10:18 AM   #21
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What was mittens tax rate?

Welcome back Spider! We missed u around here betchslapping the rightwing kooks.
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Old 04-16-2013, 06:20 PM   #22
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Typical ****ing idiots. 18% sounds right?
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Old 04-22-2013, 12:36 AM   #23
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Typical ****ing idiots. 18% sounds right?
I pay 23% and I make just under 60k per year…


How does that sound right?
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Old 04-22-2013, 10:38 AM   #24
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I pay 23% and I make just under 60k per year…


How does that sound right?
Try deducting 25% of your income by giving to charity and see what your effective rate might be.

Tax rates work best when you're wealthy and living off investments and paying cap gains rates @ max 15%, less whatever deductions and deferments can be squeezed in.

Become a Hedge fund Manager, they get to pay 15% or less on billions of income.

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One of the tax breaks upon which President Obama has focused is a provision that allows hedge fund managers — who make billions annually — to receive a substantial tax break. This particular tax break, known as the carried-interest loophole, allows hedge fund managers to treat the money they receive from investors as capital gains, subject to a 15 percent tax rate. Though this money is a paycheck received for services, just like a movie star receiving a bonus if her movie does well, it’s treated as investment income.

Since hedge fund managers are some of the richest people in the country, this tax break actually causes a significant loss of revenue. In fact, according to calculation by RJ Eskow, closing this loophole would raise more than $4 billion per year just from the 25 richest hedge fund managers:
http://thinkprogress.org/economy/201...ons/?mobile=nc
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Old 04-16-2013, 07:01 PM   #25
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the thing about BO's $600k is that it's all gravy. He has no expenses, none. So it's all money in the bank. That's the way it is for all the presidents. Being that he's the most powerful man in the universe, err, world, I'm ok with this.
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