Obama's politically astute tax return

[Crackerjack]

Obama's politically astute tax return - The Term Sheet: Fortune's deals blog Term Sheet

How is it possible that someone of President Obama's net worth shows not a penny of tax-advantaged capital gains or dividend income on his tax returns? Politics.

FORTUNE -- Happy Tax Day. That's the thought that ran through my mind last week when I looked at President Obama's 2011 tax return, which the White House released last Friday.

Forgive my skepticism—all right, I guess you can call it cynicism—but the more I look at Obama's return, the more it strikes me as being much more a political document than a financial document.

Despite Obama having significant net worth, his return shows not a penny of tax-advantaged capital gains or dividend income. That's a striking contrast to Mitt Romney's 2010 return and projected 2011 return, which show income consisting primarily of low-taxed capital gains—some from investments, some from Romney's share of the fees that his former employer, Bain Capital, collected as its share of its buyout investors' gains. The latter, the so-called "carried interest" loophole, is the most egregious single piece of the personal income tax code, allowing investment managers to treat what is really fee income (taxable at up to 37.9%, including Medicare tax) as capital gains (taxable at 15%).

[...]

Discuss.

I'm not a tax guy, but I do find it interesting at least that Obama has a Swiss bank account.* Personally, I think that anyone holding political office be required to deposit all of his assets in domestic banks.

Oh, and it is also interesting that, as a millionaire who claims to want millionaires to pay higher taxes, he sheltered as much of his income as possible to avoid tax liability. Do as I say, not as I do, apparently.

*EDIT: I misread this article initially. Obama does not have a Swiss bank account.

 

[TheGreatGatsby]

I question the Constitutionality of making politicians use domestic banks only. I understand your desire for accountability though.

 

[Crackerjack]

I question the Constitutionality of making politicians use domestic banks only. I understand your desire for accountability though.

I'm sure it's unconstitutional.

 

[Conservative]

Obama's politically astute tax return - The Term Sheet: Fortune's deals blog Term Sheet

How is it possible that someone of President Obama's net worth shows not a penny of tax-advantaged capital gains or dividend income on his tax returns? Politics.

FORTUNE -- Happy Tax Day. That's the thought that ran through my mind last week when I looked at President Obama's 2011 tax return, which the White House released last Friday.

Forgive my skepticism—all right, I guess you can call it cynicism—but the more I look at Obama's return, the more it strikes me as being much more a political document than a financial document.

Despite Obama having significant net worth, his return shows not a penny of tax-advantaged capital gains or dividend income. That's a striking contrast to Mitt Romney's 2010 return and projected 2011 return, which show income consisting primarily of low-taxed capital gains—some from investments, some from Romney's share of the fees that his former employer, Bain Capital, collected as its share of its buyout investors' gains. The latter, the so-called "carried interest" loophole, is the most egregious single piece of the personal income tax code, allowing investment managers to treat what is really fee income (taxable at up to 37.9%, including Medicare tax) as capital gains (taxable at 15%).

[...]

Discuss.

I'm not a tax guy, but I do find it interesting at least that Obama has a Swiss bank account. Personally, I think that anyone holding political office be required to deposit all of his assets in domestic banks.

Oh, and it is also interesting that, as a millionaire who claims to want millionaires to pay higher taxes, he sheltered as much of his income as possible to avoid tax liability. Do as I say, not as I do, apparently.

Obama has an offshore bank account?

I wonder where all the libtards that pitched a fit over Romney's offshore bank account are???

 

[occupied]

Obama's politically astute tax return - The Term Sheet: Fortune's deals blog Term Sheet

How is it possible that someone of President Obama's net worth shows not a penny of tax-advantaged capital gains or dividend income on his tax returns? Politics.

FORTUNE -- Happy Tax Day. That's the thought that ran through my mind last week when I looked at President Obama's 2011 tax return, which the White House released last Friday.

Forgive my skepticism—all right, I guess you can call it cynicism—but the more I look at Obama's return, the more it strikes me as being much more a political document than a financial document.

Despite Obama having significant net worth, his return shows not a penny of tax-advantaged capital gains or dividend income. That's a striking contrast to Mitt Romney's 2010 return and projected 2011 return, which show income consisting primarily of low-taxed capital gains—some from investments, some from Romney's share of the fees that his former employer, Bain Capital, collected as its share of its buyout investors' gains. The latter, the so-called "carried interest" loophole, is the most egregious single piece of the personal income tax code, allowing investment managers to treat what is really fee income (taxable at up to 37.9%, including Medicare tax) as capital gains (taxable at 15%).

[...]

Discuss.

I'm not a tax guy, but I do find it interesting at least that Obama has a Swiss bank account. Personally, I think that anyone holding political office be required to deposit all of his assets in domestic banks.

Oh, and it is also interesting that, as a millionaire who claims to want millionaires to pay higher taxes, he sheltered as much of his income as possible to avoid tax liability. Do as I say, not as I do, apparently.

The article says Romney has a Swiss bank account, not Obama. Go back and read it again, it says that Obama did not take advantage of any esoteric tax tricks to get his tax liability down.

 

[Crackerjack]

Obama's politically astute tax return - The Term Sheet: Fortune's deals blog Term Sheet

How is it possible that someone of President Obama's net worth shows not a penny of tax-advantaged capital gains or dividend income on his tax returns? Politics.

FORTUNE -- Happy Tax Day. That's the thought that ran through my mind last week when I looked at President Obama's 2011 tax return, which the White House released last Friday.

Forgive my skepticism—all right, I guess you can call it cynicism—but the more I look at Obama's return, the more it strikes me as being much more a political document than a financial document.

Despite Obama having significant net worth, his return shows not a penny of tax-advantaged capital gains or dividend income. That's a striking contrast to Mitt Romney's 2010 return and projected 2011 return, which show income consisting primarily of low-taxed capital gains—some from investments, some from Romney's share of the fees that his former employer, Bain Capital, collected as its share of its buyout investors' gains. The latter, the so-called "carried interest" loophole, is the most egregious single piece of the personal income tax code, allowing investment managers to treat what is really fee income (taxable at up to 37.9%, including Medicare tax) as capital gains (taxable at 15%).

[...]

Discuss.

I'm not a tax guy, but I do find it interesting at least that Obama has a Swiss bank account. Personally, I think that anyone holding political office be required to deposit all of his assets in domestic banks.

Oh, and it is also interesting that, as a millionaire who claims to want millionaires to pay higher taxes, he sheltered as much of his income as possible to avoid tax liability. Do as I say, not as I do, apparently.

The article says Romney has a Swiss bank account, not Obama. Go back and read it again, it says that Obama did not take advantage of any esoteric tax tricks to get his tax liability down.

You're correct. Mea culpa.

 

[Avatar4321]

I dont really care what any politician does with his or her own money as long as it's not involved in criminal activity. People dont suddenly lose their liberty to use their money as they see fit when they run for public office.

 

[Article 15]

The article says Romney has a Swiss bank account, not Obama. Go back and read it again, it says that Obama did not take advantage of any esoteric tax tricks to get his tax liability down.

lol

Obama has an offshore bank account?

I wonder where all the libtards that pitched a fit over Romney's offshore bank account are???

Where's the "what laws is he breaking" question?

 

[Nosmo King]

Don't presidents put their holdings in a blind trust during their tenure to avoid conflicts of interests?

 

[Conservative]

Obama's politically astute tax return - The Term Sheet: Fortune's deals blog Term Sheet

How is it possible that someone of President Obama's net worth shows not a penny of tax-advantaged capital gains or dividend income on his tax returns? Politics.

FORTUNE -- Happy Tax Day. That's the thought that ran through my mind last week when I looked at President Obama's 2011 tax return, which the White House released last Friday.

Forgive my skepticism—all right, I guess you can call it cynicism—but the more I look at Obama's return, the more it strikes me as being much more a political document than a financial document.

Despite Obama having significant net worth, his return shows not a penny of tax-advantaged capital gains or dividend income. That's a striking contrast to Mitt Romney's 2010 return and projected 2011 return, which show income consisting primarily of low-taxed capital gains—some from investments, some from Romney's share of the fees that his former employer, Bain Capital, collected as its share of its buyout investors' gains. The latter, the so-called "carried interest" loophole, is the most egregious single piece of the personal income tax code, allowing investment managers to treat what is really fee income (taxable at up to 37.9%, including Medicare tax) as capital gains (taxable at 15%).

[...]

Discuss.

I'm not a tax guy, but I do find it interesting at least that Obama has a Swiss bank account. Personally, I think that anyone holding political office be required to deposit all of his assets in domestic banks.

Oh, and it is also interesting that, as a millionaire who claims to want millionaires to pay higher taxes, he sheltered as much of his income as possible to avoid tax liability. Do as I say, not as I do, apparently.

Obama has an offshore bank account?

I wonder where all the libtards that pitched a fit over Romney's offshore bank account are???

ok... after reading the thread, where the OP was corrected in his comments about Obama and a Swiss account, it appears the point in my post is a non-existent one.

 

[Conservative]

Obama has an offshore bank account?

I wonder where all the libtards that pitched a fit over Romney's offshore bank account are???

Where's the "what laws is he breaking" question?

My point (now made moot by the fact that Obama does NOT have a Swiss account) was not one of legality on HIS part... it was one of hypocrisy on the part of the libtards in here.

I have no problem with Obama having or not having a Swiss account, because like Romney, he would have broken no laws.

My post was designed to ask if the libtards in here who lambasted Romney for having an offshore account would also lambaste Obama for his (if it had actually existed of course).

I think we ALL know what the answer to that question would be.

 

[Rocko]

Liberals can't deny, if we look at all the democrats that have their money in tax shelters overseas, we're talking about alot of folks....And that's not a knock on them.

 

[Rocko]

Obama's politically astute tax return - The Term Sheet: Fortune's deals blog Term Sheet

How is it possible that someone of President Obama's net worth shows not a penny of tax-advantaged capital gains or dividend income on his tax returns? Politics.

FORTUNE -- Happy Tax Day. That's the thought that ran through my mind last week when I looked at President Obama's 2011 tax return, which the White House released last Friday.

Forgive my skepticism—all right, I guess you can call it cynicism—but the more I look at Obama's return, the more it strikes me as being much more a political document than a financial document.

Despite Obama having significant net worth, his return shows not a penny of tax-advantaged capital gains or dividend income. That's a striking contrast to Mitt Romney's 2010 return and projected 2011 return, which show income consisting primarily of low-taxed capital gains—some from investments, some from Romney's share of the fees that his former employer, Bain Capital, collected as its share of its buyout investors' gains. The latter, the so-called "carried interest" loophole, is the most egregious single piece of the personal income tax code, allowing investment managers to treat what is really fee income (taxable at up to 37.9%, including Medicare tax) as capital gains (taxable at 15%).

[...]

Discuss.

I'm not a tax guy, but I do find it interesting at least that Obama has a Swiss bank account. Personally, I think that anyone holding political office be required to deposit all of his assets in domestic banks.

Oh, and it is also interesting that, as a millionaire who claims to want millionaires to pay higher taxes, he sheltered as much of his income as possible to avoid tax liability. Do as I say, not as I do, apparently.

The article says Romney has a Swiss bank account, not Obama. Go back and read it again, it says that Obama did not take advantage of any esoteric tax tricks to get his tax liability down.

I believe when Obama is no longer president, his accountant will be more agressive......You????

 

[Rocko]

Hence in the tittle "politically astute tax return".

 

[Misty]

You are missing this point. Obama gets everything paid for by the taxpayers now and for the rest of his life but especially now. He doesn't have to shield his money yet because he doesn't have to spend it to live.

Once he really starts making money with books and speeches and his lifelong presidential salary he will definitely start sheltering it.

He is proving a point now because he had the luxury to do so, but just wait until he has to pay for food and gas and a place to live and college, he will turn into exactly what he claims to hate. A rich bastard.

 

[Misty]

Oh and a side note on Romney;

"Mitt Romney, who will be sworn in as governor of Massachusetts on Thursday, and his lieutenant governor will not take salaries while in office.
Part of their combined $255,000 in pay will be used for higher salaries of senior staff, according to a news release from Romney's transition team. Certain members of Romney's staff will be paid up to $150,000 a year, the release said, which is higher than the $130,000 salary of outgoing acting Gov. Jane Swift.
Romney is passing up $135,000 a year, while incoming Lt. Gov. Kerry Healey is giving up $120,000."

Romney passes up $135K governor salary - Boston Business Journal

 

[Misty]

See a benefit to being rich is you don't need the government.

 

[occupied]

See a benefit to being rich is you don't need the government.

The rich have an accessible government that represents their interests, they need the government to stay just the way it is.

 

[Rocko]

See a benefit to being rich is you don't need the government.

The rich have an accessible government that represents their interests, they need the government to stay just the way it is.

Do you think once Obama is not the POTUS, his accountant will be more agressive in pursuing tax shelters?/

 

[Rocko]

See a benefit to being rich is you don't need the government.

The rich have an accessible government that represents their interests, they need the government to stay just the way it is.

depends on what "the rich" is....