Obama's politically astute tax return

[Flopper]

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.

Obama addressed this some time ago. The president wanted more transparency in his personal finances than a blind trust with investments in stocks and bonds so he chose to make of his investments in US government securities which is in keeping with his pledges to be the most open White House in history.

All his income comes from his salary as president, book royalties and interest on US government bonds. His 2011 tax return is simpler than mine. Compare it to Romney's.

http://www.whitehouse.gov/sites/default/files/president_obama_complete_return_2011.pdf

Mitt Romney's 1040 tax return for 2011 - Boston.com

 

[Flopper]

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???

No. See line 7a 1040 Schedule B
http://www.whitehouse.gov/sites/default/files/president_obama_complete_return_2011.pdf