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Author Topic: Obama tax return shows 2011 earnings of $789,674  (Read 6371 times)

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Offline txradioguy

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Obama tax return shows 2011 earnings of $789,674
« on: April 13, 2012, 11:15:44 AM »
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.





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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Offline obumazombie

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #1 on: April 13, 2012, 11:35:05 AM »
Did he pay a lower rate than his secretary Hitlary ?
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Offline Linda

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #2 on: April 13, 2012, 11:40:30 AM »
WOW he spends more on one vacation than he makes in salary in a year.
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Offline NHSparky

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #3 on: April 13, 2012, 11:51:26 AM »
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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Offline Gina

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #4 on: April 13, 2012, 12:08:29 PM »
Quote from: NHSparky on April 13, 2012, 11:51:26 AM
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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Offline Linda

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #5 on: April 13, 2012, 12:50:41 PM »
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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Offline JohnnyReb

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #6 on: April 13, 2012, 12:58:08 PM »
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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Offline Lacarnut

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #7 on: April 13, 2012, 01:12:40 PM »
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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Offline cmypay

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #8 on: April 13, 2012, 01:32:36 PM »
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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Offline Wineslob

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #9 on: April 13, 2012, 01:38:42 PM »
Quote from: Linda on April 13, 2012, 11:40:30 AM
WOW he spends more of our money on one vacation than he makes in salary in a year.


FIFY
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Offline BEG

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #10 on: April 13, 2012, 02:04:08 PM »
He paid less of a percentage then we did.
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Offline Kyle Ricky

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #11 on: April 13, 2012, 02:39:37 PM »
He paid less of a percentage than I did. What a douchebag.
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Offline Gina

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #12 on: April 13, 2012, 02:43:55 PM »
Quote from: Kyle Ricky on April 13, 2012, 02:39:37 PM
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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Offline Lacarnut

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #13 on: April 13, 2012, 05:55:49 PM »
Quote from: cmypay on April 13, 2012, 01:32:36 PM
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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Offline Kyle Ricky

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #14 on: April 13, 2012, 06:05:12 PM »
Quote from: cmypay on April 13, 2012, 01:32:36 PM
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.
« Last Edit: April 13, 2012, 06:07:36 PM by Kyle Ricky »
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Offline obumazombie

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #15 on: April 13, 2012, 06:08:08 PM »
Quote from: Kyle Ricky on April 13, 2012, 06:05:12 PM
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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Offline Kyle Ricky

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #16 on: April 13, 2012, 06:12:57 PM »
Quote from: obumazombie on April 13, 2012, 06:08:08 PM
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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Offline formerlurker

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #17 on: April 13, 2012, 06:21:33 PM »
Quote
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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Offline txradioguy

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #18 on: April 13, 2012, 06:24:33 PM »
Quote from: Kyle Ricky on April 13, 2012, 02:39:37 PM
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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Offline Kyle Ricky

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #19 on: April 13, 2012, 06:28:20 PM »
Quote from: txradioguy on April 13, 2012, 06:24:33 PM
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.

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Offline Chris_

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #20 on: April 13, 2012, 06:31:03 PM »
That's what happens when you take advantage of "loopholes" like basic tax deductions.
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Offline Freeper

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #21 on: April 13, 2012, 06:37:45 PM »
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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Offline Lacarnut

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #22 on: April 13, 2012, 06:40:01 PM »
Quote from: Kyle Ricky on April 13, 2012, 06:05:12 PM
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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Offline Zeus

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #23 on: April 13, 2012, 06:40:40 PM »
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Offline obumazombie

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Re: Obama tax return shows 2011 earnings of $789,674
« Reply #24 on: April 13, 2012, 07:16:56 PM »
Quote from: Lacarnut on April 13, 2012, 06:40:01 PM
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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