The Conservative Cave
Current Events => Breaking News => Topic started by: txradioguy on April 13, 2012, 11:15:44 AM
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The White House says President Barack Obama and his family 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.
(http://a57.foxnews.com/img.foxnews.com/static/managed/img/660/371/Obama_Wardman.jpg)
Obama's effective tax rate is just above 20 percent -- lower than many Americans who earn less. He has made tax-rate fairness a campaign issue.
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 Vice President Joe Biden and his wife, Jill, 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.
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.
http://www.foxnews.com/politics/2012/04/13/obama-tax-return-shows-2011-earnings-78674/#ixzz1rwCIgpMa
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Did he pay a lower rate than his secretary Hitlary ?
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WOW he spends more on one vacation than he makes in salary in a year.
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Yup--I pay about 25 percent to the feds, not including SS/Medicare taxes or my employer's match.
Next time I hear him whine about "fairness" I'm, well, shit--I'm already voting against him.
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Yup--I pay about 25 percent to the feds, not including SS/Medicare taxes or my employer's match.
Next time I hear him whine about "fairness" I'm, well, shit--I'm already voting against him.
RIGHT! I pay 25% Notherducker! :bird:
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He fits the profile of the evil rich...makes over $250,000.00 a year...Did he volunteer to pay in any extra to the IRS? NO and neither does Buffet or any other liberal that wants the evil rich to pay their fair share.
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I don't have the time or the know how to look it up but didn't Mr. Bush one year make close to that amount but paid something like $274,000 in income taxes?
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His gross income is well over a million. When dipshits like Obummer and senile Warren B. talk about income, they talk about gross not adjusted income which takes into account deductions like mortgage interest, charitable donations, etc. What a crock of shit this article is cause the effective rate the President and Moochelle pay is closer to 15% on their gross income.
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If he is so concerned about "fair share" why is he taking the charitable contributions deduction? Or any other deduction for that matter. Shouldn't he pay his fair share? The 30% he thinks the "rich" should pay.
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WOW he spends more of our money on one vacation than he makes in salary in a year.
FIFY
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He paid less of a percentage then we did.
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He paid less of a percentage than I did. What a douchebag.
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He paid less of a percentage than I did. What a douchebag.
also did less work and took more vacation BAZINGA!
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If he is so concerned about "fair share" why is he taking the charitable contributions deduction? Or any other deduction for that matter. Shouldn't he pay his fair share? The 30% he thinks the "rich" should pay.
Right. Let him pay 30% off his gross without any deductions or exemptions. Then there is this senile old man running around named Buffett whose company is battling the IRS over several hundred dollars worth of taxes that the government claims the company owes. For these two birds, it is do like I say not as I do. Frigging hypocrites
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The 30% he thinks the "rich" should pay.
I will probably get bitch slapped for this, but I agree with 30% as long as everyone is paying it. That is the independent in me talking there. You have to pay taxes, so if it was 30% across the board, regardless of income status. I would agree to that.
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I will probably get bitch slapped for this, but I agree with 30% as long as everyone is paying it. That is the independent in me talking there.
A flat rate tax rate is by definition progressive. A progressive rate is by definition redistributional. I, of course, would be more supportive of a flat tax rate.
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A flat rate tax rate is by definition progressive. A progressive rate is by definition redistributional. I, of course, would be more supportive of a flat tax rate.
Yup, that is what I am saying. Flat Tax rate across the board. This would be for all whether they are a business or a human, regardless of income status.
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President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.
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.
There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires†like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.
http://freebeacon.com/obama-family-tax-shelter/
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He paid less of a percentage than I did. What a douchebag.
He paid a smaller percentage than his secretary:
http://www.foxnews.com/politics/2012/04/13/president-obama-paid-lower-tax-rate-than-his-secretary/
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He paid a smaller percentage than his secretary:
http://www.foxnews.com/politics/2012/04/13/president-obama-paid-lower-tax-rate-than-his-secretary/
He is a real douchebag now.
This is my 400th post. You guys rock. :rofl:
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That's what happens when you take advantage of "loopholes" like basic tax deductions.
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President 0bama you keep saying that you don't need the money that you aren't paying in taxes anyway, so how about writing a check to the IRS?
Put your money where your big mouth is.
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I will probably get bitch slapped for this, but I agree with 30% as long as everyone is paying it. That is the independent in me talking there. You have to pay taxes, so if it was 30% across the board, regardless of income status. I would agree to that.
That might be OK if that was the only tax levied and do away with sales, property, excise, state taxes, gasoline taxes, etc. Otherwise, someone making $40k would pay $12k in income taxes and when you add the other taxes mentioned above that figure would total over 50%. The low end earners would just quit; there would be no incentive to work since taxes eat up most of their pay. They would go on welfare. Don't think we want that.
BTW, if anyone is paying 30% on their Gross Income, they need to go see a tax consultant cause they are doing something wrong.
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http://freebeacon.com/obama-family-tax-shelter/
I used that tax shelter when my kids were younger.
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That might be OK if that was the only tax levied and do away with sales, property, excise, state taxes, gasoline taxes, etc. Otherwise, someone making $40k would pay $12k in income taxes and when you add the other taxes mentioned above that figure would total over 50%. The low end earners would just quit; there would be no incentive to work since taxes eat up most of their pay. They would go on welfare. Don't think we want that.
BTW, if anyone is paying 30% on their Gross Income, they need to go see a tax consultant cause they are doing something wrong.
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.
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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?
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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.
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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.
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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.
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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.
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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.
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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.
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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?
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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.
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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?
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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.