Posted on 04/13/2012 11:15:03 AM PDT by Oldeconomybuyer
President Barack Obama released tax forms on Friday that reveal he will probably pay a higher tax rate on lower income than likely Republican opponent Mitt Romney in 2011, adding fuel to a Democratic election-year effort to raise taxes on the wealthy.
Obama paid an effective tax rate of 20.5 percent on income of $789,674 last year, the White House said. Romney has estimated he will pay a 15.4 percent tax rate on income of $20.9 million, though he has not filed his return yet.
Obama and his fellow Democrats have spent much of the week touting the "Buffett Rule," a plan to ensure that millionaires like Romney pay at least 30 percent income tax.
Romney pays a lower tax rate than Obama because the Byzantine U.S. tax code favors investment income over wage income, and his lawyers say he fully complies with the law.
A Romney spokeswoman called the debate over his personal wealth irrelevant and said he would release his 2011 tax form when it is filed.
"It's no surprise with the worst job creation record in modern history that President Obama would try to distract Americans from the real issues with a series of sideshows," spokeswoman Andrea Saul said.
(Excerpt) Read more at reuters.com ...
So, in other words, Obama is a tax cheat and Mittens is an even bigger tax cheat.
Remember when Hillary tried to take a tax deduction on Bill Clinton’s used underwear?
Which just means Obama's income wasn't derived from investments which are taxed differently. God forbid Reuters explain this in whole.
Oooops. That’ll teach me not read the entire article.
So all Romney has to do is pay 21%.
Wow, the First Lady is now a paid position?
Would it be more accurate to state she’s a White House-Wife. LMAO
Obviously Barry paid at a higher rate. Mitt is unemployed and has been looking for work for 6 years.
Bringing up the Buffett Rule just before you release your tax returns , smells fishy .I see the wookiee never claimed for all the tax payer provided vacations( LOL )
Soooo....Romney has smarter tax accountants....THIS IS news??? I admire someone (as much as I’m not a big fan of Romney) who can do everything they can to reduce the amount they send to the “government”....it means they know the value of a dollar, and that government only adds COST to everything it does...government is like a MIDDLEMAN taking his cut...the less there is of that, the better!
Have other presidents wives put this down as an 'occupation' as well?
Well, then all of us must suffer, do I have that right?
I want to to see that Schedule A of $275,000+ in deductions.
So, should I just assume that this tax return cover just their “declared” income and does not include any laundered money being held in overseas accounts?
Maybe those Byzantines knew what they were doing. I recently heard on the radio (so it must be true) that over the last 50 years increases to the capital gains tax rate resulted in less revenue to the government and decreases to the rate resulted in more revenue. So unless you are motivated entirely by envy and ill will towards people who have more stuff than you do, you should applaud this discrepancy.
Nope, no bias there...
Yes: INVESTMENTS create jobs; WAGES are the result of INVESTMENT. Therefore, investment should be encouraged and favored.
Oh that's right... the Democrat party doesn't care.
Why is it a contest to pay higher taxes?
Run and brag about how you kept your taxes as low as possible. Only a damn idiot wants to give more of their money to the government.
The fact that Obama must “explain” his “low” tax rate tells you his plans are exactly backwards. A damn fifth of income isn’t enough for the government?
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