other than the spawn, i can't see what deductions it can possible have, no mortgage and everything else is paid for by the taxpayers, they should be paying the max tax rate
Posted on 04/11/2015 2:24:56 PM PDT by Red in Blue PA
WASHINGTON (AP) — President Barack Obama and his wife, Michelle, paid more than $93,000 in federal taxes last year on an adjusted gross income of more than $477,000, according to tax returns released Friday by the White House.
Their effective tax rate was 19.6 percent, the returns show.
The Obamas lowered their 2014 tax bill by claiming nearly $160,000 in itemized deductions, including $70,712 in charitable donations to 33 different charities. Altogether, they donated nearly 15 percent of their income.
(Excerpt) Read more at finance.yahoo.com ...
Effing Hypocrites.
When the day arrives that they need to pay taxes on their political
“ contributions “ then we will see the tax rates fall.
It’s a joke that they can use those as long as they do something related
to their “ office” and not have it deemed as “ income”
How do they do this?
His salary as president is 450 K or so.
“If a 40% rate is good enough for some, why not them?”
Just remember WHO is controlling the IRS and its criminal actions.
Why did he take all the deductions to lower his taxes?
Why is the president engaged in tax evasion?
You are confusing marginal rate (tax on next dollar earned) with average rate (total tax paid divided by taxable income).
But 20% IS INDEED a mighty low average rate for a couple making almost $500k.
So what about the rest of his millions?
I am not s=confusing anything. Obama constantly says paying taxes is a great thing; he should lead by example instead of paying the bare minimum.
Barry big ears?
Same guy who had Buffet berate us about how we should all pay more?
That Barry big ears?
other than the spawn, i can't see what deductions it can possible have, no mortgage and everything else is paid for by the taxpayers, they should be paying the max tax rate
Well when you donate to charities your taxes go down b/c your AGI is adjusted down.
The left would still call this tax evasion. And would complain why do people get tax reductions for charitable donations in the first place? They’ve done so in the past.
must be one HELL of a donation to get his rate that low... and him and the mooch don't really look like the giving type to me
160,000 in write offs? For Fning WHAT?
He’s not self employed.
The article said 15%. If I remember correctly, their charitable giving was below 2% until it came time to run for President (when these numbers get scrutinized). I presume they were able to find some needy jihadi outreach programs, or black liberation groups, to spread their giving.
I also expect this spigot to turn off once they leave office.
I’d like to see the Obamas and every presidential family pay taxes on gratuities from the taxpayers, like vacation expenses, living expenses, like room and board, security, parties, and so on. They should also pay taxes on every penny donated to them for campaign purposes. They get their followers to give them campaign money to run on, and they are allowed to say whatever they want without fear of tax reprisal. Would that churches could do the same.
maybe it went to the Barry Soetoro Foundation
$93K in return for millions of dollars in vacations, golf, and helping the brotherhood advance the caliphate.
$93k is 40% of what adjusted gross salary? hmmm
40% * agi = 93k
agi = 93k / 40%
agi = 232,500
gross income = $477,000
deductions = $244,500
in order for this to be right, the 0bamas would’ve had to have over $244,500 in deductions.
considering all their expenses are paid for, except their home, what deductions would come close to a quarter million dollars??
i wonder if they are declaring the value of the perks of their job?
we’re supposed to. are they?
all those vacations cost something... and they are the direct beneficiaries... therefore, they must declare them as income
am i understanding this wrong?
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