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 ...
If you spend your income on cocaine or gay favors, then it isn't available to invest.
If you invest it in non-productive crap like Solyndra, then it produces no income to tax.
But if you actually invest it in something which makes money, then it is taxed (a second time) at a lower rate. This is Romney's real crime here.
Obama taxed on salary plus
Romney taxed on investments plus
there is a justifiable difference
Obama taxed on salary plus
Romney taxed on investments plus
there is a justifiable difference
How does Obama get a foreign tax credit?
Looks like Obama paid a lower rate than Biden, despite making a lot more money.
BULLSCHIT....
Romney GAVE AWAY 15% of his income to charity, Obama gave just LESS THAN 1%.
THAT is the difference in rates.
Obamao had no investment income that was taxed at the lower long term capital gains tax rate. I would suspect that the Romulan had considerable investment gains at the lower rates but it is just a guess. Not to many people these days have investment gains and you can only right off $3000 per year.
Obamao had no investment income that was taxed at the lower long term capital gains tax rate. I would suspect that the Romulan had considerable investment gains at the lower rates but it is just a guess. Not to many people these days have investment gains and you can only right off $3000 per year.
or they are both making the case for a flat tax somewhere in the range of 15% to 20%.
Write off not right off.
Ha. from what I have heard government employees or the President don’t pay their taxes. Only us.
“I see the wookiee never claimed for all the tax payer provided vacations( LOL )”
GOOD CATCH!!!!
Where is this accounted for on the Obama tax returns??
ANYBODY?
Biden can’t deduct his kids, as they are all grown up...at least using age as a metric.
Obama’s in the 1% so he needs to distract from that.
Romney should just release his SAT scores and College transcipts and tell Obama to STFU.
We knew in January, Newt paid 31-32% in 2010.
Biden, also in the one percent, has typically paid a lower rate than Obama.
Interesting. My recollection is that's flipped from last year's.
Riiiiiiiight.
BRAVO......this is something that we are not supposed to understand.
Looks as if Romney knows how to be fiscally conservative.
And NO Romney is not my 1st, 2nd or 3rd choice BUT he loves America. We do have to oust obama whatever way we can.
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