The president and first lady reported a joint adjusted gross income of $789,674 last year and paid $162,074 in federal taxes, or about 20.5%, according to the tax return released Friday by the White House. That income keeps the Obamas in the top 1% of taxpayers.
The Obamas’ overall tax rate is slightly lower than the average for people in the top tier Ã??Ã?Â¢?? largely because he made significant donations to charity. Data compiled by the Tax Policy Center show the average income tax rate for those making more than $532,000 is 24%. Obama’s rate was closer to the average for household earning more than $210,000 Ã??Ã?Â¢?? 19.2%
That’s strange it seems to me that there should be more coverage of this. he made over 700-k more than the average family and only paid 20% in taxes. When it was found that Mitt Romney paid 20% on his (investment) income the press had a field day talking about how unfair this was and that Romney is just another GOP fat cat not paying his fair share.
Gee…anyone else thinking that the press is a one sided liberal mouth piece?[/quote]
I don’t think many people cared about the Mitt Romney story that much. If anything it was more for his overall wealth and how out of touch to the average American he was, not so much the % he paid on taxes. Obama’s net worth is up to 100 times less than Romney, and not that long ago it was even less. So however much people care about Romney’s money, divide that by 100 and that’s how much they should care about Obama’s.[/quote]
First of all my point was that the media tried to make hay because of Mitt Romney’s wealth and the fact that he paid 20%, even though it was on investment income which is the rate charged everyone regardless of financial status. Along comes Obama and it is news for five minutes and it’s gone! Whether people cared or not is anyone’s guess.
Secondly, if you think that Obama is more in touch with the average person than Mitt Romney think again. Obama sat in a racist church for 20 years listening to wack job Pastor Wright talk about how white people gave blacks AIDS. Furthermore, Obama comes from a radical left Sal Alinsky background and has never had a legitimate job in his life (community organizer? PUUULEEEEEZE!). And the last thing he did to actually make a legitimate buck was to teach law school (other than sit in the Senate and not show up for votes for two years). Is that being in touch with the American people?
Romney actually held various jobs including menial jobs such as a night watchman as a young man. He is a self-made man and someone who understands how business works. And that’s exactly what we need right now. Obama has proven that he’s clueless when it comes to the economy. He proved it by squandering political capital on health care reform when he could have actually done something positive for the economy during his first two years in office.
But I’ll end the way I began the press will continue to downplay anything that can be construed as negative about Obama and play up anything that can harm Romney’s chances of winning the White House.
The “free” press (as we once knew it) is dead, it died in 2008!