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Did Barack Obama Underreport His Income to IRS? [According to public records - yes, he did!]
American Thinker ^ | July 24, 2012 | Douglas A. Thompson

Posted on 08/08/2012 4:48:22 PM PDT by grundle

President Barack Obama released his recent personal finance records in 2008, which included his 2004 U.S. Individual Income Tax Return and Senate Annual Finance Report. President Obama's records for 2004 do not reconcile with the State of Illinois Comptroller's Office. There are inconsistencies in the total compensation received as an Illinois State Senator. The largest error likely is President Obama's omission of a "Leadership Stipend" of over $8,000. This stipend should have been recorded as income.

According to the Illinois Comptroller's office, then-State Senator Obama received:

2004 State of IL compensation: $ 52,817.38 (salary)

$ 8,040.01 (leadership stipend)

Stipends of this sort are taxable income, as they are given to enhance income.

Based on the information from the Illinois Comptroller's Office, Barack Obama's compensation for 2004 should be $60,857 income from the State of Illinois.

The 2004 Annual Financial Report, Barack Obama confirmed his salary compensation for the State of Illinois was $60,287.

In neither his U.S. Individual Income Tax Return, nor his Senate Annual Financial Report for 2004, does Barack Obama report his actual compensation from the State of Illinois. In both cases, Barack Obama has under-reported the income, as certified by the Illinois Comptroller's Office.

This can be prosecuted as a Class E felony, with maximum fines of $100,000 and imprisonment of up to 3 years.

(Excerpt) Read more at americanthinker.com ...


TOPICS: Miscellaneous; US: Illinois
KEYWORDS: illinois; income; incometaxes; obama; taxes
This was posted about two weeks ago, but I think it deserves more attention.
1 posted on 08/08/2012 4:48:27 PM PDT by grundle
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To: grundle
Evidently a good portion of the Democrat leadership has tax problems.  Obama appointed one of them to head the Justice Department.

There were at least two others.  Then there's Barney Frank.

I'm probably forgetting a number of others too.



2 posted on 08/08/2012 4:51:37 PM PDT by DoughtyOne (Nope 2012)
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To: grundle

An envelope will suddenly show up addressed to the tax people with a smudged postmark and a check inside dated in 2003, and the next day 40% of American voters will say “NYAH, NYAH!” to Mitt Romney.


3 posted on 08/08/2012 4:54:17 PM PDT by treetopsandroofs (Had FDR been GOP, there would have been no World Wars, just "The Great War" and "Roosevelt's Wars".)
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To: grundle

Someone with “standing” (and I’ll be the first to admit I have no clue who that would be) needs to go after this. I doubt the IRS, under the thumb of Peter Principle star Turbo Timmy Geithner, will pursue it.


4 posted on 08/08/2012 4:55:23 PM PDT by upchuck ("Definition of 'racist:' someone that is winning an argument with a liberal." ~ Peter Brimelow)
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To: grundle

This country is so far gone.


5 posted on 08/08/2012 4:57:20 PM PDT by dragonblustar (Allah Ain't So Akbar!)
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To: grundle

Adjusted gross income is often different than one’s gross income.


6 posted on 08/08/2012 4:59:14 PM PDT by RGSpincich
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To: grundle

Well, McConnell could stand up in the Senate and say that he has it on good authority that Obama didn’t pay all of his taxes, but he’s not “at liberty” to say how he came by the information. It is now up to Obama to prove that he did. “All he has to do is produce his tax forms.”


7 posted on 08/08/2012 5:02:23 PM PDT by jeffc (The U.S. media are our enemy)
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To: grundle

Since the records of Barry’s Illinois political career does not exist, who says he even HAD a job with the Illinois Senate? The only Soetoro artifact left is the chair he supposedly sat in which has been sent to an Illinois museum, next to Lincoln’s top hat.


8 posted on 08/08/2012 5:09:39 PM PDT by SERKIT ("Blazing Saddles" explains it all.......)
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To: jeffc

Odungo would have the excuse that the guy who made up his BC went missing and he also had his tax returns.....


9 posted on 08/08/2012 5:09:39 PM PDT by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks grundle.


10 posted on 08/08/2012 5:20:10 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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To: grundle

The is reason to believe that he is hiding much of his financial history.
His greatgrandfather was not just a bookkeeper for oil company. He died in 1968.
Three years later his grandmother who was not just a VP of a bank but head of the Escrow/trust department became his legal guardian (in control of his assets)
The house he bought in CHicago is in the name of a lawyer, no doubt an agent of a trust. If you look at schedule E of his income taxes posted on the WH site, you will find income from Madelyn Payne Durham trust. Think you’ll find he’s been hiding his wealth and using numerous tax loopholes for years.

I have documentation if you know anyone in the MSM who will touch it!


11 posted on 08/08/2012 5:21:19 PM PDT by hoosiermama (Obama: "Born in Kenya" Lying now or then.)
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To: grundle

Underreport???? No, he LIED once again.


12 posted on 08/08/2012 5:23:39 PM PDT by freeangel ( (free speech is only good until someone else doesn't like it)
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To: grundle

You know he and others are stealing and secretly stocking it away.


13 posted on 08/08/2012 5:40:06 PM PDT by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: grundle

when looking for criminals or those profiting for criminal behavior... one of the simple indications would be property or assests that FAR exceed income

like... say... affording a $1.6m property while earning $60k/yr

even if he put $100k down, a 30 yr note @ 5% would cost $8,000 / mon at a minimum. insurance would run at least $10k/yr ... and the property taxes in Chicago (about 1.5%) would run about $24,000/yr

that would be a grand total of $130,000 / yr just for the property. no cars, no day care or private schools, no vacations.... just the property.


14 posted on 08/08/2012 5:58:35 PM PDT by sten (fighting tyranny never goes out of style)
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To: grundle

Anyone can call the IRS and provide information for them to look at for someone they believe has mis-filed their taxes.


15 posted on 08/08/2012 6:19:27 PM PDT by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: grundle

He didn’t consider the money income because he didn’t do anything to earn it and there is no box to check for reparations so he figured it be mo’ f’ee money fo’ me.


16 posted on 08/08/2012 6:26:09 PM PDT by ImJustAnotherOkie (zerogottago)
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To: grundle

Paying taxes is for other people.


17 posted on 08/08/2012 6:45:30 PM PDT by Blood of Tyrants (Never believe anything in politics until it has been officially denied.)
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To: sten

Don’t forget Moochele’s $250k/yr no show job.


18 posted on 08/08/2012 6:47:42 PM PDT by Blood of Tyrants (Never believe anything in politics until it has been officially denied.)
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To: RGSpincich
Adjusted gross income is often different than one’s gross income.

That's true, but I think the writer of the article took that into account.

19 posted on 08/09/2012 12:22:38 AM PDT by grundle
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To: grundle

Yep. I posted before reading the article.....again.


20 posted on 08/09/2012 4:29:34 AM PDT by RGSpincich
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To: RGSpincich

True, but gross income must be reported in the upper portion of page one, form 1040, then deductions must be identified, also on page one, totaled, and then subtracted to arrive at AGI, which is the bottom line on page one.


21 posted on 08/11/2012 12:31:04 AM PDT by tdscpa
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