Posted on 04/11/2015 10:58:21 AM PDT by SeekAndFind
President Barack Obama and his wife, Michelle, paid $93,362 in federal taxes last year with an earning of $477,383, which is a lower income than in the past few years due to a decline in the sales of the president's biographies. They gave $70,712 to 33 charities.
The Obamas paid taxes at an effective rate of 19.6 percent, according to 2014 tax returns released by the White House, The Associated Press reports.
"In January 2013, the President signed into law legislation that extended tax cuts to middle-class and working families and helped improve the country's fiscal health by asking the wealthiest Americans to pay their fair share," White House Press Secretary Josh Earnest wrote on the White House blog. "In 2014, as a result of his policies, the President was subject to limitations in tax preferences for high-income earners, as well as additional Medicare and investment income taxes."
Obama is paid $400,000 for his position as the president, but he also earned from publishers Dystel and Goderich and Random House, and interest.
The president and his wife gave $70,712 to 33 charities, and their largest gift of $22,012 went to Fisher House Foundation, which houses military families while a relative receives treatment, according to Reuters.
Obama received $51,167 from Random House and $43,722 from Dystel & Goderich, according to tax returns.
They claimed nearly $160,000 in itemized deductions.
The Obamas made $94,889 from the sale of Obama's books, down from more than $116,000 the previous year.
(Excerpt) Read more at christianpost.com ...
They claim that the Pres’s returns are “public”, but I’ve never seen any posted online. I’m guessing the CPAs who prepare those returns are pretty strict about his-her deductions, but after Timmy “TurboTax” Geithner, and all the other commie/marxist/socialist scumbags in that regime-from-hell, who knows?
DO THE OBAMA'S HAVE "PASSIVE INCOME?"---the IRS considers passive income "unearned income"..... and is not taxable.
"Unearned income" is received without providing personal labor or services....and is easily hidden. Examples of unearned income are dividends, interest, rents, royalties, capital gains, etc.....
One huge source of passive income – is high interest money market or saving accounts like Vanguard ING, HSBC etc. that pay low rates but earn monthly income without having to do anything.....but you don't have access to the money.
TYPES OF PASSIVE INCOME:
1.Dividends – One of the best, most consistent forms of passive income. Dividend-paying stocks are generally about as rock-solid as you can get in the stock market, and pay consistent dividends. This is almost-guaranteed money.
2.Capital Gains – While not passive income in the same sense that dividends are, I still include it here. Whether you’re watching the ticker or not, your stocks are ( potentially ) increasing in value over time.
3.Real Estate Cash Flow – If you own real estate and have tenants, you should have cash flow. This is mostly hands-off – you get that income regardless.
4. Equity Growth--investment real estate grows in value. The longer you hold it, the more equity you gain (barring r/e bubbles, collapses, etc).
=============================================
What was the Obama's IRS form entry for "interest income?
I would like to see those “deductions” as well.
That number leapt out at me too. 160k????
They must clip a lot of coupons to be able to manage over $800 million in vacations each year.
Really, what is “income” to people like this? They don't report “international” contributions to their Cayman accounts or Liebrary. They don't report vacations or free golf or taxpayers putting up Mother Robinson, Aunt Zeituni and Uncle Omar as “income.”
The flat tax could have a little problem in determining just what “income” means.
“They claimed nearly $160,000 in itemized deductions.”
But only gave $70,000 to “charities”? So what were the other $90,000 in deductions? They never pay a dime for anything.
$160,000 in deductions on less than $500,000 income... should have been a massive red flag to the IRS, unless his paperwork never saw the light of day and was walked thru the system quickly and quietly.
Came here to say that.
I’d bet that there are plenty of “discrepancies” in 0bummer’s paperwork, especially in those “contributions” and “deductions” sections.
We always itemize and have NEVER had deductions that were 1/3 of our income. And they don’t pay for a darn thing!!!
The charitable donations would be part of the itemized deductions.
“The charitable donations would be part of the itemized deductions.”
If $70,000 is part of the $160,000 in itemized deductions they claimed, my question is what could the $90,000 making up the rest of the itemizations be? These people apparently don’t pay for anything out of their own pockets. How could they have another $90,000 to claim?
Yeah, no, you are right. After I hit “post” I read your comment again and realized you had calculated that in.
It is astonishing that they would have deductions so high. Have they released the entire return, or just a summary?
You know what, I don’t care. The problem with the Obamas isn’t that they don’t pay enough taxes or give enough to charity, their problems go way beyond that actually.
Well, his used underwear may be much more than slick willies 9 bucks.
Well they had 70k in charitable contribs
I’m sure interest and prop taxes on a couple mansions aren’t cheap
so there’s a good chunk of it
Libtards will hold auctions at Sotheby’s for rights to those. lol.
I laud his contribution to Fisher House, but the rest is suspect, IMO.
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