Posted on 04/13/2012 9:48:51 AM PDT by tobyhill
President Obama and his wife, Michelle, reported adjusted gross income of $789,674 in 2011 and paid just over 20 percent of it to the federal government in taxes.
Their income declined nearly $1 million from the previous year, when the president was reaping larger amounts from sales of his bestselling books. The numbers were disclosed in the Obamas’ federal income tax return and gift-tax return, released Friday by the White House, along with those of Vice President Joseph R. Biden Jr.
Mr. and Mrs. Obama paid $162,074 in income taxes, an effective tax rate of 20.5 percent. In a statement, the White House suggested that Mr. Obama believed that he should pay a higher rate, noting that his administration wants to reform the tax code and ask “the wealthiest Americans to pay their fair share while protecting families making under $250,000.”
(Excerpt) Read more at nytimes.com ...
Well, they are not rich, you know.
Not like THAT other ‘famous’ couple whose wife can be a stay-at-home mom.
/sarc
That’s about the same as my rate...and I make less than $800K/yr.A lot,LOT less.
And I’ll bet my next year’s income that Michelle DOES NOT report 99% of the gifts she’s been gathering for all of her ‘working’ trips.
Who's stopping him or any other socialist from signing over all their 'excess' and 'unfair' money to the government?
Obozo needs to STFU and put his money where his mouth is. Talk is cheap and giving other peoples money away far too easy.
Honestly, I am surprised they paid that much.
I got audited for paying 20% on about $60,000.
“Mr. Obama believed that he should pay a higher rate,”
don’t take deductions then and pay it off the gross rate rather then the adjusted gross....lead by example moron;
oh, wait- he’s a liberal and they never practice what they preach...
Well hell, with that income AND their housing and travel to multiple vacation spots PAID FOR by us, he has PLENTY of disposable dollars.
Well hell, with that income AND their housing and travel to multiple vacation spots PAID FOR by us, he has PLENTY of disposable dollars.
So what's stopping him?
Obama wants people in his income bracket to pay a higher rate than you do. I'm not sure that is being a hypocrite.
I do think Americans are taxed enough already. The real solution is to cut spending.
I want lower taxes for all but Obama wants higher taxes for all except himself.
Note the ADJUSTED gross....Let’s see the GROSS
The definition of “rich” isn’t just people who make $250K a year — its people who make $250K a year who DON’T vote for Obama and the Democrats. Rich Democrats have a pass on paying taxes since they vote the right way and say the right things and give money to Obama.
I am confused (like everyone else). For this federal tax amount, they wrote off around $230k. What write-offs do they have? Their house in Chicago should only be around $30k, their family of 4 would be around $25k. So where did he write off another $175k from his income.
Bigger question, is why would this man write anything off? He wants to redistribute. Start at home.
I don't think Obama is exempting himself from the proposed tax increases.
you only need to file a gift tax form when you exceed the annual $13,000 tax-free gift limit. But it’s also prudent to send in that Form 709 every time you make a transaction with a family member over $13,000 - even if it wasn’t a gift. If you forget, there could be trouble with the IRS down the road.
******
Unless he made a GIFT to someone over $13,000 it is NOT a ‘gift’ it’s a donation to a charity which is tax deductible (TAX SUBSIDY according to Obama).
How do they figure the income value of such items as free housing, free food, fee transportation,cost of servants, ect?
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