Posted on 04/13/2012 9:48:51 AM PDT by tobyhill
President Obama and his wife, Michelle, reported adjusted gross income of $789,674 in 2011 and paid just over 20 percent of it to the federal government in taxes.
Their income declined nearly $1 million from the previous year, when the president was reaping larger amounts from sales of his bestselling books. The numbers were disclosed in the Obamas’ federal income tax return and gift-tax return, released Friday by the White House, along with those of Vice President Joseph R. Biden Jr.
Mr. and Mrs. Obama paid $162,074 in income taxes, an effective tax rate of 20.5 percent. In a statement, the White House suggested that Mr. Obama believed that he should pay a higher rate, noting that his administration wants to reform the tax code and ask “the wealthiest Americans to pay their fair share while protecting families making under $250,000.”
(Excerpt) Read more at nytimes.com ...
Well, they are not rich, you know.
Not like THAT other ‘famous’ couple whose wife can be a stay-at-home mom.
/sarc
That’s about the same as my rate...and I make less than $800K/yr.A lot,LOT less.
And I’ll bet my next year’s income that Michelle DOES NOT report 99% of the gifts she’s been gathering for all of her ‘working’ trips.
Who's stopping him or any other socialist from signing over all their 'excess' and 'unfair' money to the government?
Obozo needs to STFU and put his money where his mouth is. Talk is cheap and giving other peoples money away far too easy.
Honestly, I am surprised they paid that much.
I got audited for paying 20% on about $60,000.
“Mr. Obama believed that he should pay a higher rate,”
don’t take deductions then and pay it off the gross rate rather then the adjusted gross....lead by example moron;
oh, wait- he’s a liberal and they never practice what they preach...
Well hell, with that income AND their housing and travel to multiple vacation spots PAID FOR by us, he has PLENTY of disposable dollars.
Well hell, with that income AND their housing and travel to multiple vacation spots PAID FOR by us, he has PLENTY of disposable dollars.
So what's stopping him?
Obama wants people in his income bracket to pay a higher rate than you do. I'm not sure that is being a hypocrite.
I do think Americans are taxed enough already. The real solution is to cut spending.
I want lower taxes for all but Obama wants higher taxes for all except himself.
Note the ADJUSTED gross....Let’s see the GROSS
The definition of “rich” isn’t just people who make $250K a year — its people who make $250K a year who DON’T vote for Obama and the Democrats. Rich Democrats have a pass on paying taxes since they vote the right way and say the right things and give money to Obama.
I am confused (like everyone else). For this federal tax amount, they wrote off around $230k. What write-offs do they have? Their house in Chicago should only be around $30k, their family of 4 would be around $25k. So where did he write off another $175k from his income.
Bigger question, is why would this man write anything off? He wants to redistribute. Start at home.
I don't think Obama is exempting himself from the proposed tax increases.
you only need to file a gift tax form when you exceed the annual $13,000 tax-free gift limit. But it’s also prudent to send in that Form 709 every time you make a transaction with a family member over $13,000 - even if it wasn’t a gift. If you forget, there could be trouble with the IRS down the road.
******
Unless he made a GIFT to someone over $13,000 it is NOT a ‘gift’ it’s a donation to a charity which is tax deductible (TAX SUBSIDY according to Obama).
How do they figure the income value of such items as free housing, free food, fee transportation,cost of servants, ect?
Obama paid a lower tax rate than his junior staffers.
Did Obama Pay a Lower Rate Than His Secretary?
http://www.whitehousedossier.com/2012/04/13/obama-pay-secretary/
2010...was this ever cleared up ..... instead the community organizer pits women against women
Geithner and Bernanke: Laundering Money Through an Illegal Trust?
Breitbart ^ | 2/2010 | Gaffney
Posted on Wednesday, February 17, 2010 4:55:22 PM by mgist
Geithner and Bernanke: Laundering Money Through an Illegal Trust?
by Frank Gaffney
http://www.freerepublic.com/focus/f-news/2453791/posts
Nice thoughts - here is one that fits in with you - If book sales have dropped by $1,000,000 in royalties, what does that tell us about who is still buying his “old ideas?”
He should pay a higher rate huh? Ok, then offer to reimburse the taxpayers for all the freebies you get.....free transportation for vacations, free food for the family, private security, free rent, free utilities, insurance, drivers, gasoline, other auto expenses . . .
Or voluntarily donate to the Treasury
Or substantially increase your contributions, and to bona fide charities too, and to ones that aren’t race-based.
He shouldn’t pay a higher rate but he should quit yelling for everyone else to.
“was never our plan to bring the deficit down and get the debt under control.”.
Translation: Take money from hard working, successful people and give it to welfare ACORNs with 10 kids by 10 different guys.
This Kenyan is what Joe McCarthy tried to save this country from. He’s why we need Joe McCarthy’s movement back...now more than ever.
Anyone but the racist Kenyan Communist. Ted Bundy, Jack The Ripper, Charles Manson...anyone!
Presidential pay ignores that fact that he gets everything for free, so he doesn’t need any money. He gets free vacations, free food, free clothing, he pays nothing for gas, has a free house, free lawn care. I think he probably pays for his daughter’s private school.
It’s pretty easy to live when everything is provided for you.
I guess MY accountants aren’t as good as getting the tax breaks as his. I don’t make jack sh!t and still get taxed at 30%
F U B O!
That, and get rid of the income tax, the IRS, the MARXISTS in office and every other friggin politician that thinks my hard work and my money is theirs!
They can all go to hell.
“The Obamas also reported donating $172,130 — or about 22 percent of their adjusted gross income — to 39 different charities.”
I still want to know why there is such a deafening silence about WHY anybody thinks more than a 10% income tax rate is necessary, when 10% would be enough if HALF the population hadn’t been bribed with a 0% tax rate.
We need a change to the AMT so that nobody gets away with paying LESS than 10%, THEN let’s see how the revenue compares to the current income tax revenue. Only if there is a shortfall should we talk about any additional taxes on the most productive members of society.
They can all go to hell.
More than a few on this forum that are retired military. You gonna cut them off?
We should cut out this crap. No more deductions for charitable contributions including religious.
I agree with you. No matter what the deduction is for, it is still the government playing social engineer. Most Freepers do not agree, however. Most think deductions for mortgage interest, charities, local taxes, child exemptions, health insurance, etc. are somehow valuable in pushing “good values” and should be retained. And they still think they are “conservatives”.
I think fighting each deduction would be a losing battle because you have a supermajority of people that treasure their own set of deductions. It might be easier to alter the Alernative Minimum Tax such that — after all deductions — your tax bill cannot be lower than 10% of your AGI. The result would be the same revenue as a 12% flat tax, without the political fight over deductions.
Their largest donation was a contribution of $117,130 to the Fisher House Foundation. Mr. Obama gives after-tax proceeds from his children’s book to a scholarship fund for the children of fallen and disabled soldiers.
Indicatations Fisher House exec earnes $355,000 but some good comments. Does the exec donate to obama?
http://greatnonprofits.org/reviews/fisher-house-foundation-inc#r_id-102403—user_id-133360
Thanks, Kellis. Some articles I quickly browse and don’t see all the things I should. Although I did hear they donated to their two girls and wrote that off. Something like $48k.
Obama - or any other person - can make voluntary payments to the federal government. If Obama doesn’t think he pays enough . . . he can pay more. So, do it!
What he NEVER brings up is that people like Romney, who pay a lower tax rate comparatively, are paying mostly on capital gains, dividends and interest and NOT regular income from wages - which are always taxed more. What Obama really wants to do is raise rates on capital gains - efforts which have ALWAYS proven to slow down the economy. Hey, what's stopping Buffett or Obama from forking over all their money they want to to "help" the economy now??? Nuthin'!
What a bozo. Lives rent free in our house, eats our food, rides around in our cars...then on his "millonaires and billionaires" income, .....gives 1 and 1/2% to charity....and then has the stupidity to accuse us of not being generous enough!
And, if you look at past years, 1 1/2% is a HUGE increase for "Gimme More" Joe.
.
.
Every time Moochelle leaves on vacation ahead of Barri and Bo -
It costs the US Taxpayers over $80,000 to get her lardbutt on AF2 off the ground and up to cruising altitude
Then Bo takes his own smaller executive jet AF3 at $??,??? and Barri cost well over another $80,000 on his Boeing AF1
13 year old ( believe she is only 13) Mafia Obama and her 12 “close friends” scoping out the drug problems and lack of assault weapons in Mexico plus over a 100 Secret Service agents (needing some instant hot Mexican sex) on their Boeing AFXXX cost the US Taxpayers mega-millions too
-
.
.
.
.
“Somebody” pays for all of the Obama’s goodies, designer clothing/shoes, blow (...maybe a little blow...), booze, cheeseburgers/fries, $100pound Wagya beef, $300/bottle wine, etc.
It is not the Obamas
.
.
Page 2 of a 1040 is not what I’d call disclosure.
Page 1 tells where the income came from (coincidentally, it would also have the social security number Obama used.
His salary is $450K...where did the other 300K plus come from? His books?
Likewise, how many deductions can this man have where every need of his is fulfilled by the taxpayer....were any of these deductions for airfare he should have paid for his multiple plane trips, vacations, etc.? While the cost of AF1 shouldn’t be borne by him, he is supposed to reimburse at least a first class airline cost, isn’t he?
Nope, Page 2 on Drudge don’t do a damned thing for me.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.