Obama pays less than a third on taxes

[Yurt]

I wasn't dinging you on the 40%, yurt. You were simply rounding off and I was using 39 instead of 40.

But, the fact is, that the President advocated increasing the marginal tax rate to what it was before the Bush Tax cuts. Under our system, that means that for every dollar earned over the bottom of the tax bracket you pay 39.6%; however, each tax payer is allowed to use the tax code to his advantage to bring down the tax rate. The President did not advocate a flat tax... unfortunately, but rather the same BS tax code we have had for decades but with higher marginal rates. He wasn't being hypocritical in this case. He played by the rules he was advocating last year.

Maybe if he wanted to put his money where his mouth was, he could have contributed extra, but he was not going against his earlier stance.

Immie

when you round, you round up....

fact is, he did not pay 40%, he paid less than 33%. so what you saying is, he knew that he could raise the rate, make liberals happy and the poor feel like he is sticking to the rich, but then use the tax code to not pay 40%....

further, obama said that he wants to close loopholes that allow rich people to get out of paying their fair share:

Our tax code is riddled with special interest loopholes that allow some corporations and wealthy individuals to avoid paying their fair share of
taxes. As President, Obama would move aggressively to close inefficient loopholes...

http://www.barackobama.com/pdf/taxes/Factsheet_Tax_Plan_FINAL.pdf

so, he wants them to be taxed at 39.6%, but then he will use those loopholes so that he doesn't have to give up 39.6% of his money...come on, biden and other dems say paying taxes is patriotic, well, walk the walk...don't use loopholes

No, you round to the nearest. Five and above you round up, four or less you round down. I wasn't sure and did not care whether it was (.0, .1, .2, .3, .4, .5, .6, .7, .8, .9) it simply didn't matter.

You are playing games with his words. He said he wanted to raise the top marginal rate to the rates before Bushes tax cuts. He did not say he wanted the rich to pay that effective rate. There is a big difference and I am fully confident that you know that.

Immie

i meant in this case you round up as it was .6....

i think it is humorous that a guy who calls for raising taxes on the wealthy uses deductions to reduce his taxes. this guy who tells others to pay their fair share and that taxes are patriotic, uses whatever legal means necessary to REDUCE his taxes. it is hypocrisy.

and btw, i just realized, that though i think obama should have set himself at the 39.6% rate he says people like him should pay, i am sure he paid his taxes under bush's old tax rate. which i find is even more hilarious. he doesn't want to pay the government any more than he has to say, uses deductions and uses BUSH'S tax rate, yet the libs whine about people paying their fair share.

 

[Iriemon]

I don't 'fault' him...

I fault the over-complicated and bullshit tax system.... the same system because of that complexity and bullshit, needs to be huge and hugely bureaucratic.... the system that needs to be completely redone, simplified, and made to bring equal % burden to all American citizens on every dollar of income

Agreed. It shouldn't be possible to skip out on taxes because you have a fancy accountant or tax attorney. It should take about 2 minutes to do your taxes. And it should be the same for everyone.

Ditto.

Obama has commissioned a group headed by Warren Buffet and others to review the entire tax code to make it simpler, fairer, and less loopholes. Good luck to them.

 

[Immanuel]

i meant in this case you round up as it was .6....

i think it is humorous that a guy who calls for raising taxes on the wealthy uses deductions to reduce his taxes. this guy who tells others to pay their fair share and that taxes are patriotic, uses whatever legal means necessary to REDUCE his taxes. it is hypocrisy.

and btw, i just realized, that though i think obama should have set himself at the 39.6% rate he says people like him should pay, i am sure he paid his taxes under bush's old tax rate. which i find is even more hilarious. he doesn't want to pay the government any more than he has to say, uses deductions and uses BUSH'S tax rate, yet the libs whine about people paying their fair share.

Show me where he said the rich should pay an effective rate of 39.6%. Show me where he said people should not use legal deductions and exemptions.

Good luck!

Immie

 

[Yurt]

i meant in this case you round up as it was .6....

i think it is humorous that a guy who calls for raising taxes on the wealthy uses deductions to reduce his taxes. this guy who tells others to pay their fair share and that taxes are patriotic, uses whatever legal means necessary to REDUCE his taxes. it is hypocrisy.

and btw, i just realized, that though i think obama should have set himself at the 39.6% rate he says people like him should pay, i am sure he paid his taxes under bush's old tax rate. which i find is even more hilarious. he doesn't want to pay the government any more than he has to say, uses deductions and uses BUSH'S tax rate, yet the libs whine about people paying their fair share.

Show me where he said the rich should pay an effective rate of 39.6%. Show me where he said people should not use legal deductions and exemptions.

Good luck!

Immie

fine, you really want to squabble over marginal versus flat...why raise the marginal rate if he is going to use whatever means possible to lower his taxes? why tell people that the rich should pay more and then use every means possible to lower his taxes? you're missing the entire point of this thread by focusing on flat rate. fact is, he said the rich should pay more and then he uses every means possible to pay less. he complains about the tax system and its loopholes and complexity, well, he can simply use a flat tax rate and pay his fair share as he claims the rich should. why didn't he file taxes under his marginal rate, why did he use bush's rate? think about the point of this thread, you're getting caught up on nuances.

why raise the marginal rate and then use whatever means possible to lower that rate? that is hypocrisy. you don't go around preaching about raising taxes and then use whatever means possible to lower yours.

 

[Yurt]

The president wants to roll back the Bush tax cuts on the affluent, reinstating the 36 percent and 39.6 percent rates for those earning more than $250,000 (married) and $200,000 (single). He also called for a reinstatement of the "personal exemption phaseout" and limitation on the deductions applied to taxpayers earning more than the aforementioned incomes.

Obama Wants Higher Capital Gains Tax Rate: Too Far Or Not Enough?

see post above, obama did not do this, he took every exemption he could...and filed under bush's rate....why did he not walk the walk and file under his rate?

http://www.whitehouse.gov/assets/documents/president_federal1040.pdf

 

[Iriemon]

The president wants to roll back the Bush tax cuts on the affluent, reinstating the 36 percent and 39.6 percent rates for those earning more than $250,000 (married) and $200,000 (single). He also called for a reinstatement of the "personal exemption phaseout" and limitation on the deductions applied to taxpayers earning more than the aforementioned incomes.

Obama Wants Higher Capital Gains Tax Rate: Too Far Or Not Enough?

see post above, obama did not do this, he took every exemption he could...and filed under bush's rate....why did he not walk the walk and file under his rate?

http://www.whitehouse.gov/assets/documents/president_federal1040.pdf

Why the hell should he?

 

[Immanuel]

The president wants to roll back the Bush tax cuts on the affluent, reinstating the 36 percent and 39.6 percent rates for those earning more than $250,000 (married) and $200,000 (single). He also called for a reinstatement of the "personal exemption phaseout" and limitation on the deductions applied to taxpayers earning more than the aforementioned incomes.

Obama Wants Higher Capital Gains Tax Rate: Too Far Or Not Enough?

see post above, obama did not do this, he took every exemption he could...and filed under bush's rate....why did he not walk the walk and file under his rate?

http://www.whitehouse.gov/assets/documents/president_federal1040.pdf

Do you understand the difference between marginal and effective rate? I know you do.

The President filed his returns based upon the current legal system. I am fully confident that should the laws change he will continue to do so. I do not fault him for obeying the law nor would I expect him or anyone else to pay more than the law requires.

The phase out hasn't become law and most likely never wll. It was just one of those class warfare promises he made.

Immie

 

[editec]

Yeah so he paid about 33% of his gross income in Fed taxes.

So?

What's your point?

 

[Immanuel]

fine, you really want to squabble over marginal versus flat...why raise the marginal rate if he is going to use whatever means possible to lower his taxes? why tell people that the rich should pay more and then use every means possible to lower his taxes? you're missing the entire point of this thread by focusing on flat rate. fact is, he said the rich should pay more and then he uses every means possible to pay less. he complains about the tax system and its loopholes and complexity, well, he can simply use a flat tax rate and pay his fair share as he claims the rich should. why didn't he file taxes under his marginal rate, why did he use bush's rate? think about the point of this thread, you're getting caught up on nuances.

why raise the marginal rate and then use whatever means possible to lower that rate? that is hypocrisy. you don't go around preaching about raising taxes and then use whatever means possible to lower yours.

Simple... when the marginal rate goes up, the overall tax liability goes up. It is really quite simple. If you increase the tax rate, you increase the total tax. It won't reach 39.6% but it will go up. When and if the tax code changes he will pay a higher percentage of taxes, but he won't be paying 39.6% and no where at all can you point to anything he said that says that the rich should pay a flat rate of taxes.

 

[RetiredGySgt]

idiot....

You finally admit what you are? Thanks for the Honest Jillian.

 

[KMAN]

WASHINGTON – President Barack Obama and his wife, Michelle, millionaires from his best-selling books, made $2.7 million last year and paid just under one-third of their adjusted income in federal taxes. While the income, mostly his, was far more than the U.S. median household income of about $50,000, it was quite a decrease from the $4.2 million the Obamas made in 2007.


Obamas report $2.7 million in income for 2008

doesn't obama's plan call for those over 250K to have an approx. 40% tax rate?

You fault him for doing what every American tries to do come this time of the year? That is use every legal means possible to reduce one's taxes. I think 33% of AGI is a heck of a lot of money to pay out, but I don't fault the President for finding legal means to lower his taxes. I say more power to him.

The government (long before he got involved with it) created this BS Tax code. The President has as much right as I do, to find any legal loophole he can.

At least he's paying his taxes unlike some other politicians.

Immie

You may not see this as a problem... But there are many, many, many posts from Democrats crying that the rich get all of the breaks and they can afford to hire good accountants who can get around these taxes...

Besides don't you remember Biden saying it's time to be patriotic, be part of the deal...etc...

It's just funny when Democrats get caught doing the same things they cry about...

 

[Iriemon]

WASHINGTON – President Barack Obama and his wife, Michelle, millionaires from his best-selling books, made $2.7 million last year and paid just under one-third of their adjusted income in federal taxes. While the income, mostly his, was far more than the U.S. median household income of about $50,000, it was quite a decrease from the $4.2 million the Obamas made in 2007.


Obamas report $2.7 million in income for 2008

doesn't obama's plan call for those over 250K to have an approx. 40% tax rate?

You fault him for doing what every American tries to do come this time of the year? That is use every legal means possible to reduce one's taxes. I think 33% of AGI is a heck of a lot of money to pay out, but I don't fault the President for finding legal means to lower his taxes. I say more power to him.

The government (long before he got involved with it) created this BS Tax code. The President has as much right as I do, to find any legal loophole he can.

At least he's paying his taxes unlike some other politicians.

Immie

You may not see this as a problem... But there are many, many, many posts from Democrats crying that the rich get all of the breaks and they can afford to hire good accountants who can get around these taxes...

Besides don't you remember Biden saying it's time to be patriotic, be part of the deal...etc...

It's just funny when Democrats get caught doing the same things they cry about...

What did the Dems get caught doing that they cry about?

 

[WorldAHope]

WASHINGTON – President Barack Obama and his wife, Michelle, millionaires from his best-selling books, made $2.7 million last year and paid just under one-third of their adjusted income in federal taxes. While the income, mostly his, was far more than the U.S. median household income of about $50,000, it was quite a decrease from the $4.2 million the Obamas made in 2007.


Obamas report $2.7 million in income for 2008

doesn't obama's plan call for those over 250K to have an approx. 40% tax rate?

Current top marginal tax rate is 36%, not 40%. Obama's net tax came to 32%.
Maybe you should go dig through his return to find out his tax accountant's secret.
It is not hypocrisy to follow the tax code.
If he had offshore tax haven accounts and excessive, funny deductions, that would be hypocrisy.
Yurt has no point. Just another sore loser, whining and throwing imaginary poop.

 

[Yurt]

The president wants to roll back the Bush tax cuts on the affluent, reinstating the 36 percent and 39.6 percent rates for those earning more than $250,000 (married) and $200,000 (single). He also called for a reinstatement of the "personal exemption phaseout" and limitation on the deductions applied to taxpayers earning more than the aforementioned incomes.

Obama Wants Higher Capital Gains Tax Rate: Too Far Or Not Enough?

see post above, obama did not do this, he took every exemption he could...and filed under bush's rate....why did he not walk the walk and file under his rate?

http://www.whitehouse.gov/assets/documents/president_federal1040.pdf

Do you understand the difference between marginal and effective rate? I know you do.

The President filed his returns based upon the current legal system. I am fully confident that should the laws change he will continue to do so. I do not fault him for obeying the law nor would I expect him or anyone else to pay more than the law requires.

The phase out hasn't become law and most likely never wll. It was just one of those class warfare promises he made.

Immie

yes i know the difference, why do you keep missing the point? i know you understand the point....

your last sentence says it all....he promised higher taxes for the rich and didn't mean it. thats my main point. he tells people that the rich should pay more, yet he doesn't.

 

[Yurt]

The president wants to roll back the Bush tax cuts on the affluent, reinstating the 36 percent and 39.6 percent rates for those earning more than $250,000 (married) and $200,000 (single). He also called for a reinstatement of the "personal exemption phaseout" and limitation on the deductions applied to taxpayers earning more than the aforementioned incomes.

Obama Wants Higher Capital Gains Tax Rate: Too Far Or Not Enough?

see post above, obama did not do this, he took every exemption he could...and filed under bush's rate....why did he not walk the walk and file under his rate?

http://www.whitehouse.gov/assets/documents/president_federal1040.pdf

Why the hell should he?

so let me get this right...you support obama talking about paying higher taxes at 39.6%, getting rid of deductions, eliminating bush tax cuts etc...for the wealthy....and then obama NOT "walking" the "talk" by filing under bush's current tax system...

of course its legal, that has never been my point. he talks over and over how the rich don't pay their share, taxes need to be raised on the wealthy and what does he do when its HIS money....he pays under bush's plan.

thats hypocrisy

 

[Yurt]

WASHINGTON – President Barack Obama and his wife, Michelle, millionaires from his best-selling books, made $2.7 million last year and paid just under one-third of their adjusted income in federal taxes. While the income, mostly his, was far more than the U.S. median household income of about $50,000, it was quite a decrease from the $4.2 million the Obamas made in 2007.


Obamas report $2.7 million in income for 2008

doesn't obama's plan call for those over 250K to have an approx. 40% tax rate?

Current top marginal tax rate is 36%, not 40%. Obama's net tax came to 32%.
Maybe you should go dig through his return to find out his tax accountant's secret.
It is not hypocrisy to follow the tax code.
If he had offshore tax haven accounts and excessive, funny deductions, that would be hypocrisy.
Yurt has no point. Just another sore loser, whining and throwing imaginary poop.

obama campaigned that he WANTS 39.6, i ROUNDED to 40%...read the thread...

it is hypocrisy to tell people the rich need to pay more in taxes, that he wants to get rid of bush's tax plan, that deductions etc should be eliminated so the rich pay more....and then to file under bush's tax plan and use every deduction possible to lower HIS taxes.

see, he has no problem filing under bush's plan because it saves him money. why not walk the want and pay under his higher tax rate?

 

[Iriemon]

The president wants to roll back the Bush tax cuts on the affluent, reinstating the 36 percent and 39.6 percent rates for those earning more than $250,000 (married) and $200,000 (single). He also called for a reinstatement of the "personal exemption phaseout" and limitation on the deductions applied to taxpayers earning more than the aforementioned incomes.

Obama Wants Higher Capital Gains Tax Rate: Too Far Or Not Enough?

see post above, obama did not do this, he took every exemption he could...and filed under bush's rate....why did he not walk the walk and file under his rate?

http://www.whitehouse.gov/assets/documents/president_federal1040.pdf

Why the hell should he?

so let me get this right...you support obama talking about paying higher taxes at 39.6%, getting rid of deductions, eliminating bush tax cuts etc...for the wealthy....and then obama NOT "walking" the "talk" by filing under bush's current tax system...

of course its legal, that has never been my point. he talks over and over how the rich don't pay their share, taxes need to be raised on the wealthy and what does he do when its HIS money....he pays under bush's plan.

thats hypocrisy

Yeah, we need to raise taxes to generate more revenues. But who ever claimed that anyone should pay more than the legal obligation? I certainly haven't, and I haven't heard Obama say it either. What hypocracy?

 

[Iriemon]

WASHINGTON – President Barack Obama and his wife, Michelle, millionaires from his best-selling books, made $2.7 million last year and paid just under one-third of their adjusted income in federal taxes. While the income, mostly his, was far more than the U.S. median household income of about $50,000, it was quite a decrease from the $4.2 million the Obamas made in 2007.


Obamas report $2.7 million in income for 2008

doesn't obama's plan call for those over 250K to have an approx. 40% tax rate?

Current top marginal tax rate is 36%, not 40%. Obama's net tax came to 32%.
Maybe you should go dig through his return to find out his tax accountant's secret.
It is not hypocrisy to follow the tax code.
If he had offshore tax haven accounts and excessive, funny deductions, that would be hypocrisy.
Yurt has no point. Just another sore loser, whining and throwing imaginary poop.

obama campaigned that he WANTS 39.6, i ROUNDED to 40%...read the thread...

it is hypocrisy to tell people the rich need to pay more in taxes, that he wants to get rid of bush's tax plan, that deductions etc should be eliminated so the rich pay more....and then to file under bush's tax plan and use every deduction possible to lower HIS taxes.

see, he has no problem filing under bush's plan because it saves him money. why not walk the want and pay under his higher tax rate?

No one including Obama is suggesting folks should pay more than required by the tax laws. When did he say that?

 

[Yurt]

Why the hell should he?

so let me get this right...you support obama talking about paying higher taxes at 39.6%, getting rid of deductions, eliminating bush tax cuts etc...for the wealthy....and then obama NOT "walking" the "talk" by filing under bush's current tax system...

of course its legal, that has never been my point. he talks over and over how the rich don't pay their share, taxes need to be raised on the wealthy and what does he do when its HIS money....he pays under bush's plan.

thats hypocrisy

Yeah, we need to raise taxes to generate more revenues. But who ever claimed that anyone should pay more than the legal obligation? I certainly haven't, and I haven't heard Obama say it either. What hypocracy?

why did he pay under bush's plan? i guess he really didn't feel like paying MORE taxes this year huh....

if the rich should pay more, why does he use every legal means possible to lower his rate?

 

[Yurt]

The president wants to roll back the Bush tax cuts on the affluent, reinstating the 36 percent and 39.6 percent rates for those earning more than $250,000 (married) and $200,000 (single). He also called for a reinstatement of the "personal exemption phaseout" and limitation on the deductions applied to taxpayers earning more than the aforementioned incomes.

Obama Wants Higher Capital Gains Tax Rate: Too Far Or Not Enough?

yet he filed under bush's plan and took every deduction he could....if he feels we should pay more, then why take every deduction, thus NOT limiting his deductions and why pay under bush's plan?