Posted on 04/13/2012 5:35:31 PM PDT by KSanders
President Obama and first lady Michelle Obama had a combined income of $789,674 in 2011 but paid a lower tax rate than the president's secretary, who made less than $100,000, the White House confirmed Friday.
The Obamas paid an effective rate of 20.5 percent. White House aides would not reveal presidential secretary Anita Breckenridge’s tax rate but confirmed it was higher than the first family's rate. Breckenridge earned $95,000 last year.
The Obamas' rate is less than the 30 percent the president wants millionaires to pay under his proposed Buffett Rule.
(Excerpt) Read more at foxnews.com ...
The hypocrisy of it all!
“Warren Buffett owes $1 billion in back taxes. He is fighting it. He doesn’t think he should pay it, but publicly he’s out there saying, ‘I’m not paying enough in taxes’ - Rush Limbaugh”
http://nation.foxnews.com/rush-limbaugh/2012/04/11/limbaugh-buffetts-tax-evasion
Every dollar that the government takes from them is one dollar less for jobs, restaurant workers, car dealers, service workers, and more. Every dollar the government takes from them and us is mostly wasted. I give you the Obama "stimulus" as a prime example of total government waste. I work for a multimillionaire. The last thing I need is for the government to take more of his money so that I will no longer have a job.
The rich already pay about half every dollar they earn to the government. How much more do you think should be confiscated from them?
This alone should be enough to wake up the independents and moderates.
Then again, I think that about once a week or twice a week.
Kick this two bit punk out of the WH!!!
And replace him with Willard?...puke
We are trapped!!!
God help us!
“Millionaires do not have warehouses full of gold like Scrooge McDuck, where they go to play every day. They rarely have any more cash lying around than you or I do. The rest of their millions is invested all around in society.”
Wow, what ideas. So you think people earning a million dollars and more a year have no more money laying around than someone making $50,000 a year? Do you think Romney scrimps at the end of the month so that he can make it until payday? Where do you come up with these ideas?
You’re right that the bulk of rich people have most of their money invested, but where? Does owning Brazilian and Australian mining companies benefit the US? How about Chinese ETF’s? How about Romney’s money in Swiss bank accounts or in the Cayman islands? How about we require that to get a lower rate, the money they are investing has some benefit to the US economy?
Do you know that some 25% of the top 1% of earners are doctors and lawyers? Do you really want to encourage these guys to consume more of the US economy than they already do? Why should they pay any less than what their secretaries pay?
Finally, you say the rich pay a 50% tax rate. Where did you get that? The article says that Romney paid 13.9% in federal taxes, and Obama, a little over 20%. Both of their secretaries paid more.
He was trying. Remember that thing a few months ago that gave him the power to shut it down if there’s an “emergency”?
Thanks KSanders.
Have a great day, all.
Nice how they didn’t show page one where the money came from....
Gaffer, you dumbass....that page would have shown the fake SS number he’s using now....
Similarly, do you thing that raising taxes on that money will stop them from putting it in businesses in Brazil or Australia?. Of course not. The higher the US taxes are, the more money they will invest elsewhere. That's why raising their taxes will (has) caused job losses.
Note I said total taxes, not federal income tax rate. Most of the rich earn money from an income, not from capital gains taxes like Buffett and Romney. When you have an income, you cannot hide money from the IRS. You pay Federal income taxes (35%) plus state income taxes (about 5%), payroll and Medicare taxes (2 to 15%), Sales taxes (7%). That's already at more than 50%. How much do you think they should pay?
Otherwise, is Obama signalling that a 20% across the board tax is fair???
Afterall, BO is a lead by example President.
Speaking of leading by example..Is it our American right to get two paid vacations per month. Including a couple rounds of golf a month..?
I mean, it must be good for the economy or BO wouldn’t do it,right?
Especially, during the greatest repression, oops I meant recession, since the Great Depression.
“Similarly, do you thing that raising taxes on that money will stop them from putting it in businesses in Brazil or Australia?. Of course not. The higher the US taxes are, the more money they will invest elsewhere. That’s why raising their taxes will (has) caused job losses.”
You’ve missed my point entirely. You can own Brazilian stocks like VALE, Chinese ETF’s etc..by buying them on the stock exchange. You sell them and your gains are taxed as capital gains at a maximum of 15% Why? How does this help the US?
” Most of the rich earn money from an income, not from capital gains taxes like Buffett and Romney.” Maybe it depends on how you define “rich.” I think for the very rich it is clear that they make most of their money from capital gains, and as a result, pay far lower taxes than ordinary working people. Also add in the fact that they don’t pay any payroll taxes (social security and Medicare) above $110,100 and you can see that they have a huge tax advantage over most Americans. The most obvious proof of this comes from the 400 highest income earners in the U.S:
“The top 400 households paid 16.6 percent of their income in federal individual income taxes in 2007, down from 30 percent in 1995. This decline works out to a tax cut of $46 million per filer in 2007, or a total of $18 billion in tax cuts for these households per year.
“To make it into the top 400, a household needed an adjusted gross income of at least $35 million in 1992 (in 2007 dollars) and $139 million in 2007.
“The decline in effective tax rates at the very top is due in large part to the capital gains tax cuts enacted in 1997 and 2003. The top marginal tax rate on capital gains is now 15 percent, less than half the top tax rate on wages and salaries. The top 400 taxpayers derived two-thirds of their income from capital gains and qualified dividends in 2007.” http://www.cbpp.org/cms/index.cfm?fa=view&id=3090
Your problem is that you are reading propaganda from the The Center on Budget and Policy Priorities. If that’s your source of information, there’s no hope for you and it’s not worth my time to comment further.
“...It’s obvious that he doesn’t want to pay his fair share. He simply wants others to....”
His approach is: “You do not pay as I do, but you pay as I dictate...”
Typical communist/liberal hypocrisy.
“how much money do the Bush make?”
As a non elected , private citizen, I hope he did well.
Which of my facts are you disputing? Do you ever bother to research anything yourself? If you had bothered to check, you would have seen these figures ultimately are coming from the IRS. Here’s the same from Forbes magazine:
“The 400 highest-earning taxpayers in the U.S. reported a record $105 billion in total adjusted gross income in 2006, but they paid just $18 billion in tax, new Internal Revenue Service figures show. That works out to an average federal income tax bite of 17%—the lowest rate paid by the richest 400 during the 15-year period covered by the IRS statistics. The average federal tax bite on the top 400 was 30% in 1995 and 23% in 2002.” http://www.forbes.com/2009/01/29/irs-high-income-personal-finance-taxes_0129_wealthy_americans.html
So it’s a 17% rate for the mega-rich, not 50% like you claimed. And you have never quoted a single source. I assume you just make up numbers to suit your arguments, and then you get upset when someone confronts you with the facts.
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