This is six months old, but it's 3 degrees outside, and I'm a little bored. Still more hypocrisy from the Left: remember when Obama slammed Romney for obeying the law and paying a 15% capital gains rate? As it would turn out:
Obama's tax rate is 18.4 percent. Is that too low for a millionaire?
The release of President Obama's tax returns last week showed that his tax rate has gone down. Of course, his income went down and he gave a lot to charity, but critics are still chirping.
President Obama walks out from the White House before leaving to play basketball at the FBI building in Washington Sunday.
(Yuri Gripas/Reuters)
By Husna Haq, Correspondent
posted April 15, 2013 at 1:16 pm EDT
Has President Obama been taking advice from Mitt Romney’s tax accountant?
Months after attacking Mr. Romney for his low tax rate, some critics are now turning the tables on the president, saying his 2012 tax rate is too low.
The president paid $112,214 in federal income taxes on an adjusted gross income of $608,611 in 2012, making his effective federal tax rate 18.4 percent. (The Obamas also paid $29,450 in Illinois income tax.)
Apparently, that’s a lot less than some folks at MSNBC’s “Morning Joe” pay.
“The president was talking about how shameful it is that Mitt Romney paid less in taxes than teachers paid in taxes, and yet Barack Obama, reportedly worth $14 million, paid less in taxes than teachers or Warren Buffet’s poor, overworked secretary,” “Morning Joe” host Joe Scarborough said on Monday's show.
Is Obama’s tax rate too low?
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Well, for starters, it’s still higher than Romney’s 2011 rate of 14.1 percent – though that’s not saying much.
It’s also higher than US taxpayers’ average income tax rate of about 11.8 percent in 2011, according to the Tax Foundation, a tax research group in Washington. And it’s higher than the rate some 46 percent of Americans, mostly poor or elderly, pay – that is, no federal income taxes, according to the Tax Policy Center, a tax think tank.
Then again, Mr. Obama is not your average taxpayer, nor is he poor or elderly (though those gray hairs may fool you).
In fact, the Obamas’ 2012 tax rate is 2 percentage points lower than last year’s, when their rate was 20.5 percent.
There are a few reasons for this. Most obviously, the Obamas made less money in 2012 than they did the previous year – $608,611 in 2012 compared with $789,674 in 2011. That’s largely due to a drop in sales of the president’s two bestsellers, “Dreams From My Father,” and “The Audacity of Hope,” both of which made Obama a millionaire. (Both years Obama made $400,000 from his presidential salary.)
And as the White House likes to point out, they also donated almost a quarter of their income, some $150,034, to 33 different charities, lowering their tax rate.
Nonetheless, almost all of the Obamas’ income was subject to the top tax rate of 39.6 percent in 2012, according to Reuters.
Still, even the president himself appears to think his tax rate is too low, and he’s using his own tax return to promote the Buffett Rule, a minimum tax rate for the wealthy.
The White House’s 2014 budget proposal includes a proposed Buffett Rule, named for billionaire investor Warren Buffett, who has publicly complained that his tax rate is lower than that of his secretary.
"The president believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up," White House press secretary Jay Carney said in a blog post. "Under the President’s own tax proposals … he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it."
If it’s an effort to make those who shoveled vast swaths of their paychecks to Uncle Sam feel better on this most grim of Mondays (à la Obama’s plan to give back 5 percent of his pay in solidarity with government workers affected by the sequester), it’s probably not working.
Originally posted by sasquatch672So Obama made 1/30 of what Romney made and actually had a job yet paid a higher percentage of his income to federal taxes.
This is six months old, but it's 3 degrees outside, and I'm a little bored. Still more hypocrisy from the Left: remember when Obama slammed Romney for obeying the law and paying a 15% capital gains rate? As it would turn out:
Obama's tax rate is 18.4 percent. Is that too low for a millionaire?
The release of President Obama's tax returns la ...[text shortened]... pay in solidarity with government workers affected by the sequester), it’s probably not working.
Yeah, that's an outrage.
Originally posted by no1marauderObama has a job?,, could have fooled me,, what is his job description? Provide shovel ready jobs? Start an economic council, attend one meeting then disband it?
So Obama made 1/30 of what Romney made and actually had a job yet paid a higher percentage of his income to federal taxes.
Yeah, that's an outrage.
Lol,, I don't think he'll make the cut at golf or BB.. I think he should have kept his license to practice law updated..
Originally posted by Hugh GlassHis employers were satisfied enough with him to renew his contract for another 4 years.
Obama has a job?,, could have fooled me,, what is his job description? Provide shovel ready jobs? Start an economic council, attend one meeting then disband it?
Lol,, I don't think he'll make the cut at golf or BB.. I think he should have kept his license to practice law updated..
Originally posted by Hugh GlassHe said that Obama had a job, not that he actually does a good job.
Obama has a job?,, could have fooled me,, what is his job description? Provide shovel ready jobs? Start an economic council, attend one meeting then disband it?
Lol,, I don't think he'll make the cut at golf or BB.. I think he should have kept his license to practice law updated..
Any moron can see that Obama is an incompetent boob, but it takes a special moron to think that Obama isn't.
Originally posted by sasquatch672My memory may be failing me, but I thought that discussion was not about Mitt Romney evading taxes, but about the tax code being written in such a way that people like Mitt Romney pay very low taxes. I seem to recall that it was claimed that the law should be rewritten in such a way that people like Mitt Romney pay more taxes, not that Mitt Romney should pay more taxes than he must by law. Can you cite Obama saying that Mitt Romney should voluntarily contribute more to the Treasury?
Because he pilloried Mitt Romney for paying 15%.
Originally posted by KazetNagorraActually if the Republican tax proposals in their platform were ever enacted, Romney would pay close to nothing in taxes: the GOP wants to abolish all taxes on capital gains and dividends and Romney makes virtually all his money from the former.
My memory may be failing me, but I thought that discussion was not about Mitt Romney evading taxes, but about the tax code being written in such a way that people like Mitt Romney pay very low taxes. I seem to recall that it was claimed that the law should be rewritten in such a way that people like Mitt Romney pay more taxes, not that Mitt Romney shoul ...[text shortened]... . Can you cite Obama saying that Mitt Romney should voluntarily contribute more to the Treasury?
Originally posted by no1marauderInteresting to note that Presidents, all of them, don't have a lot of expenses. Their salary, and outside investment income is rarely ever touched. Unless he does a "Bill Clinton" and sneaks out for a hooker and hamburger, the President doesn't spend money on anything.
His employers were satisfied enough with him to renew his contract for another 4 years.
Originally posted by no1marauderActually, in the past I've argued legitimacy of lower capital gains and dividend income rates. My opinion was changed by arguments in Peter Sweitzer's book Extortion. The truth is that major corporations can pay in a multitude of ways which result in tax avoidance, and different rates just encourage that manipulation.
Actually if the Republican tax proposals in their platform were ever enacted, Romney would pay close to nothing in taxes: the GOP wants to abolish all taxes on capital gains and dividends and Romney makes virtually all his money from the former.
Lower, flatter rates, and no exemptions or other loopholes encourage greater compliance. That should include people of all income status, so that Americans aren't played against one another, as Marx did in his manifesto.
Originally posted by normbenignYes prior to Marx all the classes got along just fine and cooperated in the spirit of solidarity and brotherhood.
Actually, in the past I've argued legitimacy of lower capital gains and dividend income rates. My opinion was changed by arguments in Peter Sweitzer's book Extortion. The truth is that major corporations can pay in a multitude of ways which result in tax avoidance, and different rates just encourage that manipulation.
Lower, flatter rates, and no exe ...[text shortened]... ncome status, so that Americans aren't played against one another, as Marx did in his manifesto.
Originally posted by KazetNagorraWhy do you sound so reasonable this week?
My memory may be failing me, but I thought that discussion was not about Mitt Romney evading taxes, but about the tax code being written in such a way that people like Mitt Romney pay very low taxes. I seem to recall that it was claimed that the law should be rewritten in such a way that people like Mitt Romney pay more taxes, not that Mitt Romney shoul ...[text shortened]... . Can you cite Obama saying that Mitt Romney should voluntarily contribute more to the Treasury?
You're correct - the argument was over the rate that Romney paid; I never suggested otherwise. But the bee in my bonnet on this particular day is Obama has said, so many times, that "the rich should pay their fair share". Well, Obama's rich, and according to him, he's now not paying his fair share. It's just more hypocrisy from him. His stench - I can't bear it.
Originally posted by sasquatch672How is it "hypocrisy"? He, unlike Romney, has made proposals that would have increased taxes on individuals and families with incomes at his levels.
Why do you sound so reasonable this week?
You're correct - the argument was over the rate that Romney paid; I never suggested otherwise. But the bee in my bonnet on this particular day is Obama has said, so many times, that "the rich should pay their fair share". Well, Obama's rich, and according to him, he's now not paying his fair share. It's just more hypocrisy from him. His stench - I can't bear it.
Originally posted by sasquatch672You have so many bees in your bonnet your hair must look like Marge Simpson's.
Why do you sound so reasonable this week?
You're correct - the argument was over the rate that Romney paid; I never suggested otherwise. But the bee in my bonnet on this particular day is Obama has said...