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Obamas pay $98,169 in taxes on income of $481,098
Yahoo/AP ^ | 4-11-14 | DARLENE SUPERVILLE

Posted on 04/11/2014 2:37:48 PM PDT by kingattax

WASHINGTON (AP) — President Barack Obama and Michelle Obama paid $98,169 in taxes on $481,098 income last year, tax returns the White House released Friday show. They paid an effective federal income tax rate of 20.4 percent and donated significantly less to charity than they did the year before.

The 42-page document, which included the couple's Illinois state income tax return, shows the Obamas reported donating $59,251 to 32 charities, which helped lower their overall tax bill. The nearly $60,000 in donations represents 12.3 percent of their adjusted gross income.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Breaking News; News/Current Events
KEYWORDS: 1; buffetrule; fairshare; taxes
sickening Aholes
1 posted on 04/11/2014 2:37:48 PM PDT by kingattax
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To: kingattax

Somehow their “charity” probably made it back into their own pockets.


2 posted on 04/11/2014 2:48:05 PM PDT by NewCenturions
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To: kingattax

Looks like the meters were not running on AF1,2&3 when Moocher and her entourage took off to numerous deluxe destinations.


3 posted on 04/11/2014 2:48:43 PM PDT by shove_it (my real nickname is Otter)
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To: kingattax

why am i paying more in percentage than the obammies

and i don’t have healthcare.

ugh

t


4 posted on 04/11/2014 2:51:23 PM PDT by teeman8r (Armageddon won't be pretty, but it's not like it's the end of the world.)
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To: kingattax

can we sue for reclamation of vacation costs


5 posted on 04/11/2014 2:52:11 PM PDT by teeman8r (Armageddon won't be pretty, but it's not like it's the end of the world.)
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To: teeman8r

how about we call those vacation expenses “taxpayer reparations” ?


6 posted on 04/11/2014 2:53:23 PM PDT by kingattax (America needs more real Americans.)
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To: kingattax

What did he pay on the millions hes earned over and above his presidential salary?


7 posted on 04/11/2014 2:54:58 PM PDT by lowbridge
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To: teeman8r

That is the first think I noticed.
I take whatever deductions I can and paid a much higher percentage.


8 posted on 04/11/2014 3:00:39 PM PDT by Verbosus (/* No Comment */)
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To: Verbosus

think = thing


9 posted on 04/11/2014 3:01:03 PM PDT by Verbosus (/* No Comment */)
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To: lowbridge

“What did he pay on the millions hes earned over and above his presidential salary?”

MAYBE NOT MILLIONS ANYMORE

http://www.ebay.com/itm/Barack-Obama-Election-Day-2008-Historic-Victory-Commemorative-Plate-/181300635634?pt=LH_DefaultDomain_0&hash=item2a365c27f2&nma=true&si=jzVIkeo1sWjbHJjO80aWWPnNEvs%253D&orig_cvip=true&rt=nc&_trksid=p2047675.l2557


10 posted on 04/11/2014 3:04:02 PM PDT by Huskrrrr
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To: Huskrrrr

That plate would make a great target at the trap range.


11 posted on 04/11/2014 3:07:49 PM PDT by Senator_Blutarski
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To: kingattax

Nobody ever mistook me for Copernicus, but I am pretty sure the amount he paid doesn’t equate to the 39% bracket in which his salary places him.


12 posted on 04/11/2014 3:17:06 PM PDT by edpc (Wilby 2016)
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To: kingattax

The media never do well with numbers...

Barry made $400k as the prezy, and $116k from book sales...

So how does this all add up to just $481k?

Did Moochelle do the standard welfare queen “I lost money on a daycare” ploy?

Anyway...looking at the actually tax form on the White Hut Web Site, $481k is the ADJUSTED GROSS INCOME....not what he earned. So his percentage of income paid towards taxes is even less. His TOTAL INCOME is listed as $503,183...meaning that percentage is really 19.5%.

Same thing with their charitable giving. Its not really 12.3%...its 11.8%.

I still can’t figure out his compensation...$394k when the preeezy salary is supposed to be $400k.


13 posted on 04/11/2014 3:19:54 PM PDT by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: kingattax

I love how EVERY other time of year, they cry that the ‘RICH’= $250k and up, Aren’t paying their fair share and that anybody making that is probably stealing from poor people.

Yet, EVERY tax season, obama is SILENT about this.

$400k? And only paying $98k???

WHO is not paying their FAIR SHARE??

Pigs.


14 posted on 04/11/2014 3:32:57 PM PDT by joethedrummer
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To: kingattax
Married, filing jointly:
$450,000+: 39.6%

That should be $190,514.80

15 posted on 04/11/2014 4:10:17 PM PDT by montag813
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To: lacrew
I still can’t figure out his compensation...$394k when the preeezy salary is supposed to be $400k.

He asked Tim Geithner to pay him under that table.

16 posted on 04/11/2014 4:11:53 PM PDT by Fido969 (What's sad is most)
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To: montag813
maybe he/she/it donated; their used underware
to charity, b/c they care..& it's a tax write-off.

17 posted on 04/11/2014 4:19:01 PM PDT by skinkinthegrass (The end move in politics is always to pick up a gun..0'Caligula / 0'Reid / 0'Pelosi)
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To: teeman8r
Actually, if my employer were to give me gas as part of my compensation, it would be taxable income to me. Why are the Obama’s not assigned a value of their vacation expenses as taxable income?
18 posted on 04/11/2014 4:24:48 PM PDT by liberalh8ter (The only difference between flash mob 'urban yutes' and U.S. politicians is the hoodies.)
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To: montag813
Married, filing jointly: $450,000+: 39.6%

Your ignorance is not helping our cause: With minimal input from "Prof. Google" or "Prof. Bing," you should know that the 39.6% tax rate is the MARGINAL TAX RATE, not the "real" tax rate. Quite frankly, O'DB paid slightly less than many people I know in the same tax bracket on similar income, and I suspect that's because O'DB has two dependants that many of us don't have. I'm not offended by O'DB's tax return; I am offended by DB's hypocracy.

19 posted on 04/11/2014 6:35:16 PM PDT by Labyrinthos
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To: montag813
Married, filing jointly:
$450,000+: 39.6%

That should be $190,514.80

The 39.6% rate only applies to the amount over $450k for married filing jointly ($400k for single filers). Before any deductions, the total tax on Zero and Moochelle's adjusted gross of $481,098 comes to $135,409. See Bankrate's handy tax calculator.

Their income consisted of the President's pay of $394,796 plus 104,809 in book royalties plus 6,575 in interest plus $3 in ordinary dividends minus a capital loss carryover of 3,000, for a total of 503,183. From that, they got to subtract $20,681 in retirement plan contributions and 1,404 in self-employment tax deduction, resulting in an adjusted gross of $481,098. The book royalties have been fading over the years, resulting in a fairly steep drop in income. View their return here.

They had a total of $147,769 in deductions against that, including state income taxes, real estate taxes, mortgage interest, and gifts to charity.

20 posted on 04/11/2014 7:14:46 PM PDT by cynwoody
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To: kingattax

Running the white house costs taxpayers aroun $1.5 billion. I am not going to worry about how much tax 0 pays on his actual salary of 400k.


21 posted on 04/11/2014 7:52:13 PM PDT by xp38
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To: montag813

I hope you aren’t preparing your own taxes.


22 posted on 04/11/2014 8:38:20 PM PDT by PAR35
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To: kingattax

What about the taxes on the benefits like vacations, etc.? 100s of Millions of dollars every year. This makes me sick.


23 posted on 04/11/2014 9:12:03 PM PDT by Shery (in APO Land)
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To: teeman8r

Yeah, me, too.


24 posted on 04/11/2014 10:05:10 PM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: kingattax

24 posts and not person mentions this:

Are the Obama’s part of the 1%??


25 posted on 04/12/2014 5:31:42 AM PDT by Le Chien Rouge
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To: kingattax

$481,000 ain’t bad for a dude who came to the country broke, on a pass port from England, and left to fly around the world on somebody’s dime. He must have been one of many that had this done for them and he graded out highest over the years. There is no way, way back then they could have known he was The One to be selected to be the divined leader. Even now he is an idiot. How dumb must the other ones have been?


26 posted on 04/12/2014 6:31:52 AM PDT by RetiredArmy (MARANATHA, MARANATHA, Come quickly LORD Jesus!!! Father send thy Son!! Its Time!)
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To: kingattax

Sheesh. I paid 23.78 percent. I am clearly not doing something right.


27 posted on 04/12/2014 8:17:45 AM PDT by napscoordinator ( Santorum-Bachmann 2016 for the future of the country!)
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To: Shery

What about the taxes on the benefits like vacations, etc.? 100s of Millions of dollars every year. This makes me sick.

He legally does not have to claim this. If Ted Cruz was President and in this situation, we all would be silent as church mice.


28 posted on 04/12/2014 8:22:26 AM PDT by napscoordinator ( Santorum-Bachmann 2016 for the future of the country!)
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To: Le Chien Rouge

Are the Obama’s part of the 1%??

I don’t think so officially. His perks allow him to live like one though.


29 posted on 04/12/2014 8:23:19 AM PDT by napscoordinator ( Santorum-Bachmann 2016 for the future of the country!)
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To: kingattax

Bottom line: What do they give? What do they get?


30 posted on 04/12/2014 10:02:22 AM PDT by Shark24
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To: kingattax

I guess it’s easy to part with so much money when you really can’t be fired or have your pay deducted and don’t actually have to do anything productive to earn it.


31 posted on 04/12/2014 3:20:20 PM PDT by RWB Patriot ("My ability is a value that must be earned and I don't recognize anyone's need as a claim on me.")
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To: kingattax

How much money did they spend...taxpayer money, that is.


32 posted on 04/12/2014 3:20:52 PM PDT by RWB Patriot ("My ability is a value that must be earned and I don't recognize anyone's need as a claim on me.")
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