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 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 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?
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.
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!
If Obama believed the rich should pay more tax, he would have done so. He should voluntarily contribute what he thinks the rich should be paying. By claiming deductions and getting to a lower rate, it's obvious to anyone with a brain he doesn't stand by his professed beliefs about the rich.
Romney paid just slightly less than 14% on his investment income. The press is not one sided. Obama is not in favor of his tax bracket but Romney wants to lower his and others in the 1% which is the same old bull we've heard that they are the job creators, well we had 8 years of Bush where are the jobs he created? Its a joke!
Actually Romney paid 15% which is the capital gains tax on all investments. It used to be 20% but was lowered several years ago to encourage people to invest. What is unfair about that? The man made millions and paid the standard rate on all earned income. He then invested what he made and now pays the standard capital gains rate on that income. When he dies he'll pay taxes for a third time on that money through something called "estate taxes." Now if you think that any of this is fair you need to move to Europe, or hope Obama wins because he'll turn us into Europe if given another four years.
I had a good laugh at your one liner above. Even the most ardent democrat will tell you that the main stream media leans left. It always has but more so since the 2008 election.
Wrong again my friend. Romney is in favor of cutting taxes for all Americans. One does not run for office with a platform of cutting taxes for the top 1% only. However, cutting taxes for every working American including the top 1% is a great idea. For your own edification did you know that the top 1% pay 37% of all taxes? They must be really bad people huh? LOL
Here you go take a look at what Romney has proposed I think you will find it to be a really great plan. And it's what we need to get the economy moving again, which is (I'm sure) what we both want.
Two points that I want to bring up.
Bush lowered taxes 5% (the famous Bush tax cuts) for every working American who paid taxes, not just the rich. But through the liberal media all you hear is the "Bush tax cuts for the rich." Interesting huh? And in fact Obama thought they were good tax cuts because just less than two years ago he extended the Bush tax cuts.
When Bush left office the unemployment rate was hovering around 5.5%. What is that unemployment rate right now? 8.2% and that's not counting the people who have given up looking. The economists say that if you count those people the real unemployment rate is up around 16%!
Really my friend Obama seems like a nice enough guy with a great personality. But, as President of the United States he's been an unmitigated disaster!
For the record, the richest man in the Senate, who inherited his fortune from his wife, who inherited it from her previous husband is John Kerry(D.) He's worth $238 million. The second richest is Mark Warner(D.) He's worth $174 million. Richard Blumenthal(D) is worth $95 million. Dianne Feinstein(D) is worth $77 million. Frank Lautenberg(D) is worth $77 million. Bob Corker(RINO) is worth $51 million. Olympia Snow(left-wing RINO) is worth $29 million.
Barack Hussein Obama aka Barry Soetoro(D/New Party Socialist) $10.5 million - pays less tax than his secretary - funnels literally billions to his cronies through all sorts of bullshit that I won't go into now.
It makes me wonder how a mere law professor, who spent a few years in the Senate then started running for President, could accumulate a fortune of over 10 million dollars in such a short time. He was not even out of his late 40's which is the point he became President. So he worked for say 20 years as a professor of law. What do they pay those guys? Even 200-k per year is only 4 million gross dollars after 20 years. So he could have saved maybe 1 million in those 20 years.
Doesn't that make anyone else wonder?
I know he wrote a book but that would hardly earn him that kind of money. Even if he cleared (after paying the publisher and promotional sponsors) 2 million that would be a high estimate.
At least I know where Romney made his millions --
I guess this is just one more thing we will never know and the press will never ask. We should just accept it because he's the chosen one.