Posted on 04/18/2011 12:17:35 PM PDT by edpc
President Barack Obama and his wife, Michelle, are reporting income of $1.728 million for last year, much of it from the sale of the president's books. They paid federal taxes of $453,770
(Excerpt) Read more at abcnews.go.com ...
I made it real. I do it every year when I send our taxes in. They still cash it. ;(
I’m surprised big “O” allowed this info to be released!
If he is paying that much tax, he obviously hasn’t been directing his income to the areas encouraged by the tax codes to promote a healthy America.
After all, that has been the justification used for new taxes used in the past. They are simply incentive to redirect the income of the wealthy towards socially responsible spending.
Why aren’t the Obama’s more socially responsible with their income? Obviously by their own code, they shouldn’t be allowed to make that much.
He had no choice.
Exactly. How much do the perks cost us?
The asshats of 1600 continue their ride on our backs.
The answers might be found in what the Obama's claimed as "interest income"----- a tell-tale sign of financial hanky-panky.
Soros has the ideal set-up to stash loot.....with his global business interests, and a thousand or more offshore non-profits setup all over the world.
There's also the Madoff MO: a super-secret labyrinth of interrelated international funds, institutions and financial entities of almost unparalleled complexity and breadth......with assets and businesses in multiple places overseas that hid thievery, money laundering and tax evasion.
Madoff was running simultaneous scams: (1) a tax evasion scheme for wealthy businessmen ("losing" money is a tax write-off; (2) a money laundering scam; (3) a protection racket for affinity groups, (4) aiding and abetting wealthy tax-exempt foundations to evade US banking laws and the IRS. (5) hiding money for wealthy businessmen some of which was used for campaign donations (FEC fraud), and foundation fraud (IRS fraud).
==============================================
REFERENCE Obama is billing himself as "the billion dollar" candidate----claiming a war chest of a $$billion. But where is it coming from?
This is the part I like best: riding the first wave of adoration, Ohaha stashed zillions looted from the Treasury for himself (and endangered Dems)-----figuring he'd be reelected by acclamation (that would explain all those campaign donations).
Now, as support flounders, the con artists in the WH have to dream up a way to explain away "the nation's first billion dollar candidate. LOL. Ohaha's gangster government is sipping a lot of tea trying to figure out what to do.
If he is using his own money for the lawyers - Yes he can.
(paraphrasing) 'All legal fees relating to your employment, as being necessary in keeping you job, can be deducted and itemized on Schedule A.'iirc, That law's 'intent' was for suing for things like unlawful dismissal like in discrimination - age, sex, handicap, etc. But it's not written that way so it's open ended and ripe for loose interpretation (and misuse).
I guess the pols would call that a 'Loophole'.
That's what jumped out at me. Some millionaire works his butt off to build a business - late nights, traveling, away from family, risking capital and he has to pay the government a half million for his sacrifice? And that's not high enough for the rats?
Note: NOT defending Barry Ohaha.
That 'foreign investment' thing can be tricky, and innocent. Nothing nefarious required
I got caught up in it ONCE when I had various Oil Co stocks. It was about a decade ago and I can't recall the company (it was small, not like BP). But I had a lot of extra forms and worksheets to fill out - it was a nightmare for me, even with a Tax program (TaxCut iirc), so I sold it all the next day or so.
Another pain was some Oil Co Stocks I had for a company solely located in Alaska. The dividends were great but because of the 'payment distribution to Alaska residents', it was another paperwork nightmare. Dumped those too pdq.
In fact I got completely out of Oil then. Wasn't worth the time and effort at tax time.
Obviously we need to raise taxes on the Wealthy.
Well...somebody should point out to these guys: "YOU DON'T HAVE TO TAKE ALL YOUR DEDUCTIONS!!!!!"
If these guys want to pay their fair share...then take the standard deductions...stop deducting EVERTHING you can get away with...and you will pay a lot more.
There...solved your problem OH guilty ones.
Just exactly what are these two providing, capital wealth wise, to the economy and society?
Inventions? Intellectual property? Conversion of raw resources to capital?
Yeah..... but you’re honest AND a patriot....big difference.
Well yeah, that's true.
Unlike the leftists who scream others should pay until they bleed -- while they use fancy lawyers or loopholes to try to duck all Taxes. I just follow the steps (law) and pay what I owe.
(Over the years I've prolly left Thousands 'on the table' and overpaid the IRS.)
Is it coming from BO's personal funds?
Taxpayers? (not legal)
Other funds? (that would make it a gift, taxable as income for BO, and possibly other legal problems for both donor and BO.)
Funny.....Obama paid 27% in federal taxes. Why didn’t he pay 39%??
That is about the rate he wants for “the wealthy”
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.