Obama tax return shows 2011 earnings of $789,674

[Chris_]

One of the local radio hosts brought up a topic that I'm not familiar with.

If your employer provides housing and transportation for you during the regular performance of your job, you are required to claim that as income on your taxes.  From what I've read, half of Obama's earnings last year came from the sale of some book, all of which was donated to charity.  A huge write-off for him.  I'm sorry, "tax loophole" to use his words.

So, did he claim 1600 Pennsylvania Avenue and Air Force One as lodgings and transportation on his taxes?

[Lacarnut]

I'm not entirely sure I can agree with you because of the maxim; If you want more of something subsidize it, If you want less of something, tax it.

A 30% flat tax would give the federal government more revenues. Like I said, someone making $40k would pay $12,000 (40k X 30%) in federal income taxes. At the present tax rate, a single person would pay less than $4,000.

A flat tax will never happen because all hell will break out when home owners are informed the interest on their house is no longer deductable and that their deductions and exemptions are wiped out also. Not even going to mention the legal aspects of it.   

[obumazombie]

A 30% flat tax would give the federal government more revenues. Like I said, someone making $40k would pay $12,000 (40k X 30%) in federal income taxes. At the present tax rate, a single person would pay less than $4,000.

A flat tax will never happen because all hell will break out when home owners are informed the interest on their house is no longer deductable and that their deductions and exemptions are wiped out also. Not even going to mention the legal aspects of it.   

The same was said about the deduction for second homes, before that was taken away.

[Lacarnut]

The same was said about the deduction for second homes, before that was taken away.

That all depends on how you use the second home. If you rent out a beach condo or a vacation home and use it no more than 10% of the rental days, you get to fully deduct mortgage interest, depreciation and other expenses providing it primary use is for investment purposes.

[sybilll]

http://freebeacon.com/obama-family-tax-shelter/

So, the only reason he payed a lesser percentage than his secretary is because he used legal IRS loopholes.  I highly doubt his secretary could afford to give 22% of her income to charity and/or tax shelters to reduce her tax liability.
But, but, but, the Buffett rule.
I'm sick to death of these hypocrites. 

[Lacarnut]

So, the only reason he payed a lesser percentage than his secretary is because he used legal IRS loopholes.  I highly doubt his secretary could afford to give 22% of her income to charity and/or tax shelters to reduce her tax liability.
But, but, but, the Buffett rule.
I'm sick to death of these hypocrites. 

By claiming long term capital gains, he pays a lesser amount of taxes at the 15% rate. If he wants to pay more taxes, he could claim his gains as short term and pay at the higher rate. Also, nothing is stopping this jerk from writing the treasury a check for a billion or two.   

[docstew]

One of the local radio hosts brought up a topic that I'm not familiar with.

If your employer provides housing and transportation for you during the regular performance of your job, you are required to claim that as income on your taxes.  From what I've read, half of Obama's earnings last year came from the sale of some book, all of which was donated to charity.  A huge write-off for him.  I'm sorry, "tax loophole" to use his words.

So, did he claim 1600 Pennsylvania Avenue and Air Force One as lodgings and transportation on his taxes?

I would assume that use of the WH is considered non-taxable, along the lines of military housing.

[sablegsd]

I want to see receipts on his charitable giving.  Because the lying grifters don't have a charitable bone in either of their ugly bodies.

And, how can he claim a mortgage deduction on a house that's not his?

[obumazombie]

I want to see receipts on his charitable giving.  Because the lying grifters don't have a charitable bone in either of their ugly bodies.

And, how can he claim a mortgage deduction on a house that's not his?

Libs are better at being charitable with money that's not theirs.

[Linda]

The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.

Just curious...how did mooshell give each daughter a $12,000 gift when she doesn't work? Where did her income come from to have that much money to give as a gift to their daughters?

[Delmar]

It was pretty funny listening to Axelrod sputter and stutter on FNS this morning when Chris Wallace asked him about the possibility of Sir Golfsalot kicking in extra money to the treasury.