Obama pays a 20.5% Federal Income Tax Rate

[Pony Boy]

Obama Releases Taxes, he pays a 20.5 tax rate and does Not Qualify for Buffett Rule

President Obama earned $789,674 in 2011, the White House announced on Friday. However, with this income, he does not even qualify for the so-called Buffett Rule that he has promoted relentlessly and the Senate will take up on Monday.

The Buffett Rule calls for those making over $1 million a year to pay a minimum tax rate, named after billionaire Warren Buffett. The president did earn over $1 million in previous years--$1.7 million in 2010 and $5.5 million in 2009.

The president paid $162,074 in taxes with an effective federal income tax rate of 20.5 percent, according to the returns.

Vice President Joe Biden and his wife Jill. They reported adjusted gross income of $379,035, paying $87,900 in federal tax for the year in addition to state taxes in Delaware and Virginia totaling $17,457.

http://nationaljournal.com/whitehous...-rule-20120413

[Rohirrim]

[Pony Boy]

It's nice to know out first family are not millionaires........

The economy is a big issue and concern for folks, the unemployment, trying to make ends meet, gas prices, and food prices going up while the first family is jetting around, different vacations. The Obama's Hawaiian vacation was reported to cost as much as $4 million dollars and last summer the Daily Mail reported that Michelle Obama had already spent up to $10 million dollars on trips to Spain, Vail, and Martha’s Vineyard.

[Pony Boy]

President Obama paid a total federal tax rate in 2011 on adjusted income of $789,674 that may be lower than that of his secretary, even though she earned substantially less.

The most recent information about salary regarding Obama’s secretary is for his former secretary, Katie Johnson, who is listed by the White House as having made $90,000 in 2010.

According to Wikipedia, Johnson is 31 years old and now attends Harvard Law School. I don’t know about her personal life or what her deductions would be, so I can’t assume any children or extra deductions.
On a $90,000 salary, she would pay $16,578 in federal taxes, $3,780 to Social Security, and $1,305 in Medicare taxes.

That adds up to a total federal tax burden of $21,663 on $90,000 in adjusted gross income, or a tax rate of 24 percent.

http://www.whitehousedossier.com/201...pay-secretary/

[Mr.Meanie]

Originally Posted by Pony Boy

It's nice to know out first family are not millionaires........

The economy is a big issue and concern for folks, the unemployment, trying to make ends meet, gas prices, and food prices going up while the first family is jetting around, different vacations. The Obama's Hawaiian vacation was reported to cost as much as $4 million dollars and last summer the Daily Mail reported that Michelle Obama had already spent up to $10 million dollars on trips to Spain, Vail, and Martha’s Vineyard.

Presidential vacations are always going to cost a lot of money because of security, staff, air force one, etc. Or do we want our President to hop on a Southwest flight and stay at the Holiday Inn?

[Requiem]

While Mitt Romney is paying a cool 14.5% and he is a zillionaire.

[barryr]

So the first time in years the Obamas don't make over a million and now he wants a Buffet rule? Oh, what a coincidence It is almost the middle of the month, time for Michelle's next vacation from her busy workload.

[mosca]

Hold on - the presidential salary is $400,000 annually. I know it's not much compared to the income of Romney or some of the corporate good ol' boys - but where is the additional $389,000 of our president's income coming from?

Should we be concerned that the highest elected official in the country is making nearly double his actual salary from some type of outside source? makes me wonder how much Bush was raking in over the years.

[Tombstone RJ]

Originally Posted by Pony Boy

President Obama paid a total federal tax rate in 2011 on adjusted income of $789,674 that may be lower than that of his secretary, even though she earned substantially less.

The most recent information about salary regarding Obama’s secretary is for his former secretary, Katie Johnson, who is listed by the White House as having made $90,000 in 2010.

According to Wikipedia, Johnson is 31 years old and now attends Harvard Law School. I don’t know about her personal life or what her deductions would be, so I can’t assume any children or extra deductions.
On a $90,000 salary, she would pay $16,578 in federal taxes, $3,780 to Social Security, and $1,305 in Medicare taxes.

That adds up to a total federal tax burden of $21,663 on $90,000 in adjusted gross income, or a tax rate of 24 percent.

http://www.whitehousedossier.com/201...pay-secretary/

That's just insane.

[Mr.Meanie]

Originally Posted by mosca

Hold on - the presidential salary is $400,000 annually. I know it's not much compared to the income of Romney or some of the corporate good ol' boys - but where is the additional $389,000 of our president's income coming from?

Should we be concerned that the highest elected official in the country is making nearly double his actual salary from some type of outside source? makes me wonder how much Bush was raking in over the years.

Book royalties...

[Pony Boy]

Originally Posted by Mr.Meanie

Presidential vacations are always going to cost a lot of money because of security, staff, air force one, etc. Or do we want our President to hop on a Southwest flight and stay at the Holiday Inn?

"If it walks like a duck and quacks like a duck".............. If they are going to live the lifestyle of millionaires then call them millionaires, send them a 1099 for all the extra expense that not official business related and let them pay taxes on the income just like all of us have to do.

[peacepipe]

what's laughable is all these rethugs were nowhere to be found during the GWB yrs. GWB practicly spent his entire presidency on vacation.

[Mr.Meanie]

Originally Posted by Pony Boy

"If it walks like a duck and quacks like a duck".............. If they are going to live the lifestyle of millionaires then call them millionaires, send them a 1099 for all the extra expense that not official business related and let them pay taxes on the income just like all of us have to do.

Yes, let's start billing the President the cost of Air Force One and the secret service. Do you ****ing idiots not hear yourselves?

[Smiling Assassin27]

and $48k in non-taxable gifts to sasha and malia. so even those who champion getting rid of tax breaks use them to lower the amount of tax they pay. he says he doesn't need those tax breaks, so why did he use them anyway? gimme an H...a Y...a P...an O...a CRITE.

No wonder he hasn't even proposed a plan to reform the tax code. He's too busy manipulating it to his advantage.

[alkemical]

Originally Posted by mosca

Hold on - the presidential salary is $400,000 annually. I know it's not much compared to the income of Romney or some of the corporate good ol' boys - but where is the additional $389,000 of our president's income coming from?

Should we be concerned that the highest elected official in the country is making nearly double his actual salary from some type of outside source? makes me wonder how much Bush was raking in over the years.

Libraries are great ways to launder $.

Just sayin'.

[Pony Boy]

Originally Posted by Mr.Meanie

Yes, let's start billing the President the cost of Air Force One and the secret service. Do you ****ing idiots not hear yourselves?

Speaking of idiots did you read what I posted, I didn't say send him a bill for Air Force One, I said send him a 1099 for all expenses paid for by the American tax payers that's not business related. Why should the American taxpayers send the Obama’s on a tax free trip to Disney World? If I get a free trip to Disney World, guess what I get in the mail at the end of the year......... a 1099 for my taxes.

[Fedaykin]

I love how suddenly this is a problem now that you've found a way to attack Obama over it.

Someone said something about hypocrisy?

[lonestar]

Originally Posted by Pony Boy

Speaking of idiots did you read what I posted, I didn't say send him a bill for Air Force One, I said send him a 1099 for all expenses paid for by the American tax payers that's not business related. Why should the American taxpayers send the Obama’s on a tax free trip to Disney World? If I get a free trip to Disney World, guess what I get in the mail at the end of the year......... a 1099 for my taxes.

hey now posting logical thoughts here is against the law..

[cutthemdown]

Being caught up in % when talking rich people is a joke. When you make 20 million, and pay more in tax then all of you will in a lifetime I am sure it doesn't feel like you are ripping the country off.

[cutthemdown]

Originally Posted by Fedaykin

I love how suddenly this is a problem now that you've found a way to attack Obama over it.

Someone said something about hypocrisy?

No it's pointing out what a stupid argument it is. Rich people pay less % because they are already paying such a high dollar amount. It would not be fair for them to have to pay more. They already pay more in one yr then most of us do in 10. Tons and tons of legitimate tax revenue goes uncollected. Instead of new taxes how about just trying to collect the ones owed.

[cutthemdown]

Originally Posted by peacepipe

what's laughable is all these rethugs were nowhere to be found during the GWB yrs. GWB practicly spent his entire presidency on vacation.

No he hung out at his ranch in Texas a lot where he continued the same work he did at white house. Another lie from the left.

[Mr.Meanie]

Originally Posted by Pony Boy

Speaking of idiots did you read what I posted, I didn't say send him a bill for Air Force One, I said send him a 1099 for all expenses paid for by the American tax payers that's not business related. Why should the American taxpayers send the Obama’s on a tax free trip to Disney World? If I get a free trip to Disney World, guess what I get in the mail at the end of the year......... a 1099 for my taxes.

The difference is you aren't the President. The President can't just stop being president during his vacation, he requires full security and planning around him all the time. If we're going to start treating Presidential security as a taxable fringe benefit, the only people who could afford to be president are the obscenely wealthy.

[peacepipe]

Originally Posted by cutthemdown

No it's pointing out what a stupid argument it is. Rich people pay less % because they are already paying such a high dollar amount. It would not be fair for them to have to pay more. They already pay more in one yr then most of us do in 10. Tons and tons of legitimate tax revenue goes uncollected. Instead of new taxes how about just trying to collect the ones owed.

BS

[El Minion]

Originally Posted by peacepipe

what's laughable is all these rethugs were nowhere to be found during the GWB yrs. GWB practicly spent his entire presidency on vacation.

And wars that will pay for themselves No complaints from the penny wise (Obama to Disney World!) and (trillion) dollar dumb republican voters!

[Mr.Meanie]

Jesus. You couldn't find a bigger pic?