Posted on 07/17/2011 9:06:46 AM PDT by Typical_Whitey
President Barack Obama offered few concrete suggestions for spending cuts this week in his much-anticipated speech on reducing the federal debt, but he had lots to say about raising taxes.
"As a country that values fairness, wealthier individuals have traditionally borne a greater share of this burden than the middle class or those less fortunate. Everybody pays, but the wealthier have borne a little more," the president said. So he wants to raise the top marginal tax rate to 39.6 percent and eliminate itemized deductions for the top 2 percent of earners.
What the president didn't say is that he has taken full advantage of each and every tax deduction available to him in order to lower his taxes on his income of more than $5 million per year. No one forces Obama to take these deductions, which he objects to so strenuously for everyone else in his income bracket.
So let's take a look at the deductions he took last year (the president's 2009 return and that of Vice President Joe Biden are available online): In 2009, Obama took itemized deductions of $514,819, a foreign tax credit of $59,372, and a deduction for interest on his home of $52,195. He was also able to take a deduction for $49,000 he contributed to his self-employed retirement fund.
If he had not taken these deductions, he would have paid taxes on an additional $675,386, which in his income bracket would have meant he owed somewhere in the neighborhood of $200,000 more in taxes at the top marginal tax rate of 35 percent
(Excerpt) Read more at dispatchpolitics.com ...
..well he better use coins, because every time he opens his mouth a bunch of s*** rolls out
“As a country that values fairness, wealthier individuals have traditionally borne a greater share of this burden than the middle class or those less fortunate. Everybody pays, but the wealthier have borne a little more,”
I’m confused by how that’s “fair”.
And, he wants to make it even MORE fair by having them pay even a 'little' more than others.
I do wonder how much of HIS 'extra' money he would be willing to fork over.
................”Everybody pays,”................
Well, A-hole not quite everybody - in fact 53% don’t pay any income taxes.
...he wants to raise the top marginal tax rate to 39.6 percent and eliminate itemized deductions for the top 2 percent of earners. What the president didn't say is that he has taken full advantage of each and every tax deduction available to him in order to lower his taxes on his income of more than $5 million per year. No one forces Obama to take these deductions, which he objects to so strenuously for everyone else in his income bracket... In 2009, Obama took itemized deductions of $514,819, a foreign tax credit of $59,372, and a deduction for interest on his home of $52,195. He was also able to take a deduction for $49,000 he contributed to his self-employed retirement fund. If he had not taken these deductions, he would have paid taxes on an additional $675,386, which in his income bracket would have meant he owed somewhere in the neighborhood of $200,000 more in taxes at the top marginal tax rate of 35 percent..."That was my tax accountant's idea, I had nothing to do with it."
................”Everybody pays,”................
Well, A-hole not quite everybody - in fact 53% don’t pay any income taxes.
That question aside, stuffing his fat yap with anything that shuts him up would be an improvement.
If Obama likes older tax rates. He should pay them
Bush didn't take his salary. I bet Obama does.
If he just would make Michelle take commercial flights to South Africa and Spain. You know that might save some money too.
Remember he said everyone has to have some skin in the game.
Why doesn’t anybody actually pose this question to Obama in front of a camera, what possible answer could he give?
We all know the answer, unfortunately. “ I, uh, uh, let me be clear, uh, uh, past ten years, uh, Bush, uh, um, um, corporate jets, um, uh, uh.” Repeat about 100 times until no one is listening and move on to the next question.
You're asking too much from a herd of cowed suck-ups.
They are saving up tough questions for after January 20, 2013, when they'll have the opportunity to re-crucify Sarah Palin.
Baraq’s “press conferences” have a predetermined roster to be called on (notice him looking at a slip of paper before announcing each one) and questions that are vetted in advance.
Has any other POTUS done this?
Obama does not want a budget, because he wants the power to prioritize what gets paid first.We are about to get glimpses of his redistribution of wealth plan.
Social security? Meh! Screw the law./s
What? And reduce Presidential jet fuel consumption to twice that of George Bush? Are you out of your mind? A politician's first obligation is to get re-elected!!
Individuals are also free to contribute their wealth to help pay off the Federal Debt. If Zer0 were a leader, he’d set the pace, especially for rich ‘Rat politicians.
When was the last time a Washington lawmaker of any stripe took the standard deduction and filed a 1040EZ?
These Dems want to close all the loopholes for everyone else, why do they keep taking all the deductions on their own tax statements.
Hypocritcal pigs. All of them.
His money? The only money he has is other peoples’.
Only problem is his money is stashed in private slush funds.
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