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Rich Obamas Only Pay A Tax Rate Of 26%

From a bemused New York Times:

Obama Tax Return Shows Income Down

April 18, 2011

Income for the Obama household continued to slip in 2010, tax returns show, as proceeds from President Obama’s best-selling books tapered off. But just as he has said, his income is easily high enough to make the family eligible for a tax increase under his own deficit-reduction proposals.

So why doesn’t Mr. Obama show some leadership (for a change) and give the estimated $100,000 more he would have paid in taxes under his proposed plan to the government to reduce the debt?

As we have noted before, there is a website run by the US Treasury where anyone can voluntarily contribute to in order to help pay down the federal deficit with a ‘Gift Contributions to Reduce Debt Held by the Public.’

Oddly enough, it only collects a couple million dollars a year, despite all the big talk from rich liberals.

Mr. Obama and his wife, Michelle, on Monday reported an adjusted gross income of $1,728,096 for 2010,  down from $5.5 million in 2009. Most of their income came from sales of his books “Dreams From My Father” and “The Audacity of Hope.” The Obamas paid $453,770 in federal taxes, for an effective tax rate of just over 26 percent; the top individual tax rate is 35 percent.

So it’s clear that the Obamas must have taken quite a few of those deductions that he wants to do away with. (For the record, their return was 59 pages long.)

The Obamas donated $245,075 — 14.2 percent of their income before tax deductions and exemptions — to 36 charities. According to the White House, more than half went to the couple’s favorite charity, the Fisher House Foundation, which benefits families of fallen and disabled soldiers; it gets all proceeds of Mr. Obama’s children’s book, “Of Thee I Sing: A Letter to My Daughters,” which was published late last year…

This is their new "favorite charity" since Mr. Obama has been running for re-election. Previously their favorite charity was Reverend Wright’s Trinity Church. The Obamas gave Trinity $26,270 in 2007, when Mr. Obama was still just a low paid US Senator.

The Obamas’ tax liability would be higher, of course, under his proposals to end the top Bush-era tax rates for those with more than $250,000 in annual taxable income and to limit to 28 percent the itemized deductions that people like him in the higher tax brackets can claim. And, he often says, that is the way it should be for a nation with a growing debt and widening income inequality between the rich and the poor

And yet he does not practice what he preaches. Which is quite a shock, we can tell you.

Vice President Joseph R. Biden Jr. and his wife, Jill Biden, also released their 2010 return as part of the annual White House ritual of making the information public on the federal filing deadline.

Compared with the president, Mr. Biden is a pauper. He and his wife had an adjusted gross income of $379,178, most of it his salary. The Bidens paid $86,626 in federal taxes, for an effective tax rate of about 23 percent

Where is your patriotism, Mr. Bite Me?

This article was posted by Steve on Tuesday, April 19th, 2011. Comments are currently closed.

6 Responses to “Rich Obamas Only Pay A Tax Rate Of 26%”

  1. artboyusa says:

    It’s time to enter the shadowy world where politics meets organized crime when OBAMA MEETS…THE GODFATHER!

    “I believe in America…”

    Why do they always say that? wondered the Godfather, watching another visitor, in a pool of light surrounded by looming shadows, wring his hands in supplication.

    “I believe in America….” stammered the visitor. “I come to this country, Godfather, to America. I start a new life, I burn my original birth certificate. I raise my children to be good Indonesians, I mean Americans. We were so happy. And then, this thing happens, this injustice, this shame – and that is why I come to you today – for justice!”

    “Please, Mr President” said the Godfather, soothingly. “Calm yourself. Fredo, bring some tea for our distinguished visitor. Grazie, mi figlio. Mr President, I am only a simple businessman; surely there are others who can serve you better. Do you not carry all the judges in your pocket?”

    “There is something in what you say, truly, but this is not about jurisprudence, Godfather – this is about… violence. Violence! With the shooting and the garrotting and the ice pick going jab, jab jab! In the eyes, in the ears! Jab! Jab!”

    The Godfather drew back in dismay at the President’s harsh words and agitation. Even Sonny, God rest his soul, had never dared to get this bruta forze in his presence. “Mr President; I am a peaceful man, a family man, a man of business, not some kind of…hired assassin. I understand nothing of the things which you describe; nothing at all, and so, mi dispiace, I fear I cannot help you”.

    “Look, Corleone” snapped the President “ Let me make this crystal clear: I know all about you and your operation and if you want the Genco Olive Oil Company to avoid tax hikes, labor problems, IRS audits and getting badmouthed by me on national TV you better play ball and hit who I want to get hit, see?”

    The Godfather nooded his massive head slowly. This “Obama” was a tough customer. But Sollozzo had been tough too, and now he slept with the fishes.

    “Don’t worry; I’ll make it worth your while” continued the president. “I have money; lots of it, and I know how to treat a brother, I mean, a friend. An ally. You know…”

    The Godfather sighed and opened his palms in resignation. “Very well, Mr President. I see that you have learned much during your time in Chicago. I will give you your justice. Who is it you want hit?”

    “Thirty seven percent of Americans”.

    “Santa Madonna! That is some hit! Who are these 37% who have displeasured you?”

    “According to the latest Rasmussen daily tracking poll” lectured Obama “Thirty seven percent of Americans polled said they ‘Strongly Disapprove’ of my performance as president. Not to mention the 52% who only ‘Disapprove’. That is a substantial core of dissatisfaction and I need to do something about it!”

    “Vi capisco. I understand you. Sometimes, in this life we have chosen, we must do things which are…unpleasant. What you ask is too great a task for my organization alone; I will need to call for assistance from the rest of the Five Families” said the Godfather.

    “Sure. Whatever it takes”.

    “The Barzinis. The Tataglias…”

    Fine, fine. Whomever”.

    “The Rigatonis. The Mozzarellas. The Chef Boyardees…”

    “Okay, okay. Just get it done and get it done quickly. And don’t leave a big mess”.

    “Of course, there is another way…you could just try to do a better job as president”.

    “Don’t ask for the impossible, Corleone. Make the hit”.

  2. Right of the People says:

    Do what I say, not what I do.

    It’s good to be reminded the rules are only for the little people.

  3. Mae says:

    What can be said about these lying hypocrites? If Obey and Bidey think the “rich” (which is defined as a couple making over $250,000 per year according to the Administration) should pay their “fair share” and they’re still taking deductions for charities and looking to pay as little taxes as possible…OMG, what a piece of dung for the combined brains and ethics between them! If these dungarees aren’t thrown out of Washington in 2012, someone, somewhere is going to have to open a refugee house for everyone wanting to escape this gulag.

  4. bobdog says:

    With Mrs. Obama’s interest in farming, I wonder if they filed a claim against the Pigford settlement fund?

  5. JohnMG says:

    …..”Compared with the president, Mr. Biden is a pauper. He and his wife had an adjusted gross income of $379,178, most of it his salary…….”

    Talk about being grossly overpaid! The entire tax-paying public had ought to be eligible for a tax deduction just for having contributed to these two morons salaries.

  6. Rip Cord says:

    Barack Hussein Obama. Against the Bush Tax cuts but extended and took em anyway! ROFLMAO.

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