Obama does NOT qualify for Buffett tax: Documents show President did not earn enough to be hit with planned 30% tax for millionaires
By Toby Harnden|
Read more: http://www.dailymail.co.uk/news/article-2129415/Obama-doesnt-qualify-Buffett-tax-Documents-President-paid-20-5-income-tax-thats-multi-millionaire-Romney.html#ixzz1rynqM0nL
Declining book sales have meant that President Barack Obama's income has dropped so much that he no longer qualifies for the tax raising 'Buffett Rule' he has been so eager to tout.
In tax returns released by the White House, Obama and his wife Michelle reported income of $789,674 last year, about half of it from Obama's book royalties.
It was the lowest salary for the Obamas since 2004, when he wrote his best-selling memoir, 'Dreams From My Father'.
President Obama released his tax returns Friday which
revealed he paid 20.5 percent on an income just under $800,000. He'll pay a
higher tax rate on less income than opponent Mitt Romney
This means that the Obamas do not qualify this year for the so-called 'Buffett Rule', named after the billionaire investor Warren Buffett and pushed by the White House as a campaign issue.
Under the rule, due to be considered by the Senate next week, millionaires will be made to pay a minimum effective tax rate of at least 30 per cent when annual income is $1million or more.
With less of his income taxed at the higher rate, his tax rate dropped from past years. In 2010 he paid about 26 per cent of his income in federal taxes.
In 2009 and 2008 his burden was more than 32 per cent. For 2011, it was 20.5 per cent.
A week early! The White House released scans of the
President and First Lady's 1040
Buffett has said his secretary pays a rate of over 35 per cent and Obama has denounced this as unfair.
Obama's tax forms reveal will add fuel to a Democratic election-year effort to raise taxes on the wealthy.
Romney has estimated he will pay a 15.4 per cent tax rate on income of $20.9 million, though he has not filed his return yet.
Obama and his fellow Democrats have spent much of the week touting the 'Buffett Rule,' a plan to ensure that millionaires like Romney pay at least 30 percent income tax.
The couple signed their tax form earlier this week -
filling out their occupation as 'US PRESIDENT' AND 'US FIRST LADY'. Their taxes
were prepared by a CPA in Chicago
Obama's campaign also aims to exploit the fortune Romney earned over decades as a private-equity executive, valued at up to $250 million.
The Buffett tax, named in honor of billionaire Warren
Buffett, would apply to those making more than $1million a year, which the
President did not
'What does he have to hide?' Messina said in a statement. 'Why did he open a Swiss bank account instead of an American bank account and establish a corporation in Bermuda instead of on our shores?'
A Romney spokeswoman called the debate over his personal wealth irrelevant and said he would release his 2011 tax form when it is filed.
'It's no surprise with the worst job creation record in modern history that President Obama would try to distract Americans from the real issues with a series of sideshows,' spokeswoman Andrea Saul said.
Romney's anticipated 15.4 percent income tax rate is roughly in line with that paid by most Americans, but it is far below the top income rate of 35 percent.
For 2011, about 46 percent of Americans will pay no federal income taxes, most of them because they are too poor, according to the Tax Policy Center, a think tank.
Counting all taxpayers, the average rate is 11 percent, according to the Tax Foundation, another think tank.
The Obamas earned about half of their income from sales of
Obama's books. They donated $172,130 to 39 different charities, the biggest of
which was a scholarship fund for children of soldiers who have been killed or
disabled
The Obamas earned about half of their income from his presidential salary of $400,000, while the remainder came from sales of Obama's books, the White House said.
They donated $172,130, about 22 percent of their adjusted gross income, to 39 different charities, the White House said.
The biggest beneficiary was the Fisher House Foundation, a scholarship fund for children of soldiers who have been killed or disabled, which received the after-tax proceeds from the sales of a children's book Obama published after he took office - a total of $117,130.
Read more: http://www.dailymail.co.uk/news/article-2129415/Obama-doesnt-qualify-Buffett-tax-Documents-President-paid-20-5-income-tax-thats-multi-millionaire-Romney.html#ixzz1rynJYo00
I am not for Ron Paul of course since I am running but this Video I agree that Obama is a
HYPOCRIT!!!
Obama paid lower tax rate than secretary
Published April 13, 2012
FoxNews.com
Read more: http://www.foxnews.com/politics/2012/04/13/president-obama-paid-lower-tax-rate-than-his-secretary/?cmpid=prn_aol&icid=maing-grid10%7Chtmlws-main-bb%7Cdl1%7Csec1_lnk3%26pLid%3D152062#ixzz1rypzHprA
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.
“The president’s secretary pays a slightly higher rate ... than the president on her substantially lower income, which is exactly why we need to reform our tax code and ask the wealthiest to pay their fair share,” White House spokeswoman Amy Brundage told Fox News.
The release Friday of the tax returns for the president and the family of Vice President Joe Biden came on the same day in which the Obama campaign in Chicago attacked likely GOP-presidential nominee Mitt Romney for, so far, releasing only his most recent tax returns.
“Did he pay a lower income tax rate than the 13.9 percent he paid in 2010 and is that why he opposes the Buffett Rule to ensure millionaires don’t pay less taxes than middle-class families?” Obama campaign manager Jim Messina asked in a press release from the campaign.
Later in the day, a Romney spokeswoman said Romney has file for an extension and would make public his 2011 returns before the November election.
The Obamas paid more than $160,000 in federal taxes last year.
The president's 2011 federal income tax return shows reported adjusted gross income of about $790,000 last year. About half of the first family's income is the president's salary. The White House says the rest comes from sales of Obama's books.
Click here to see President Obama's tax return.
The White House released a copy of the president's tax return, which also shows charitable donations of more than $172,000.
Obama is donating after-tax proceeds from his children's book to the Fisher House Foundation. The charity helps veterans and military families receiving medical treatment.
For Biden and his wife, Jill Biden, this year's tax return looks almost identical to last year's.
Returns for 2011 released by the White House show the Bidens paid $87,900 in federal taxes on adjusted gross income of $379,035.
Click here to see Vice President Biden's tax return.
Their income was $143 below their 2010 return, but their tax bill was $1,274 higher. In both cases, the effective tax rate was just over 23 percent.
On the latest return, the Bidens listed $5,540 in donations to charity.
Most of the couple's income came from the vice president's salary of $225,521 and Jill Biden's wages of just over $82,000 for teaching at Northern Virginia Community College.
Ed Henry contributed to this report.
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.
“The president’s secretary pays a slightly higher rate ... than the president on her substantially lower income, which is exactly why we need to reform our tax code and ask the wealthiest to pay their fair share,” White House spokeswoman Amy Brundage told Fox News.
The release Friday of the tax returns for the president and the family of Vice President Joe Biden came on the same day in which the Obama campaign in Chicago attacked likely GOP-presidential nominee Mitt Romney for, so far, releasing only his most recent tax returns.
“Did he pay a lower income tax rate than the 13.9 percent he paid in 2010 and is that why he opposes the Buffett Rule to ensure millionaires don’t pay less taxes than middle-class families?” Obama campaign manager Jim Messina asked in a press release from the campaign.
Later in the day, a Romney spokeswoman said Romney has file for an extension and would make public his 2011 returns before the November election.
The Obamas paid more than $160,000 in federal taxes last year.
The president's 2011 federal income tax return shows reported adjusted gross income of about $790,000 last year. About half of the first family's income is the president's salary. The White House says the rest comes from sales of Obama's books.
Click here to see President Obama's tax return.
The White House released a copy of the president's tax return, which also shows charitable donations of more than $172,000.
Obama is donating after-tax proceeds from his children's book to the Fisher House Foundation. The charity helps veterans and military families receiving medical treatment.
For Biden and his wife, Jill Biden, this year's tax return looks almost identical to last year's.
Returns for 2011 released by the White House show the Bidens paid $87,900 in federal taxes on adjusted gross income of $379,035.
Click here to see Vice President Biden's tax return.
Their income was $143 below their 2010 return, but their tax bill was $1,274 higher. In both cases, the effective tax rate was just over 23 percent.
On the latest return, the Bidens listed $5,540 in donations to charity.
Most of the couple's income came from the vice president's salary of $225,521 and Jill Biden's wages of just over $82,000 for teaching at Northern Virginia Community College.
Ed Henry contributed to this report.
Read more: http://www.foxnews.com/politics/2012/04/13/president-obama-paid-lower-tax-rate-than-his-secretary/?cmpid=prn_aol&icid=maing-grid10%7Chtmlws-main-bb%7Cdl1%7Csec1_lnk3%26pLid%3D152062#ixzz1rypoKxCe
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.