Big money obama! The tax return unveiled

[Ravi]

Obamas: $5.5 million income, $1.8 million tax bill - Yahoo! News

I wonder if he's pissed off that Palin made double that and then some in only six months?

I guess we know who the expert is on making money, huh? Screw the nuclear program... she can buy her own nukes from Iran.

The Obamas gave $329,100 to charities in 2009. The president, who released his tax returns Thursday, also donated his entire $1.4 million Nobel Peace Prize award to 10 charitable groups. He never received the $1.4 million, and it was not included in his 2009 income.

so...5.5 million less the 1.8 in taxes....leaving 3.7 million...with donations to charity at just under 330 K...so less than 10% of taxed income. Whew...I bet Rev. Wright hated to see that...

And I loved the slick move on never accepting the Nobel Prize money...just donate it. Not taxes on that cash...pretty smart. And kinda made him look good in the process. I wonder if we can get a list of the "charities" he donated to....

And there's ol' Joe... He didn't do so hot. I bet he gets himself a good book deal soon though. Hang in there Joe...you'll be able to give WAY more than 4,800 to charity next year. Damn...I donate more than that and I make less than 100K a year...Keep it up Joe. You're an inspiration to us all.

You suck at math, don't you. 1.8 million is 33% of 5.5 million. So he actually paid at a much higher rate than most people that make that kind of money.

 

[Midnight Marauder]

And I loved the slick move on never accepting the Nobel Prize money...

It wasn't a "slick move" it was the law. He couldn't receive it. He obeyed the law.

 

[Ravi]

He gave 1.7 million dollars to charity, I wouldn't call that negligible.

And look, paying his taxes without bitching about them. To bad leading by example won't work with this crowd

It's listed seperately because he never accepted the money. It wasn't ever his as far as the IRS is concerned. So it's a fine line. But still, from the dollar figures I gave, which didn't include the Nobel Prize money, he gave less than 10%.

And then of course there's the premise that you claim to know whether or not he complained about paying that much in taxes. Maybe he didn't...but you don't know that. Unless you have the man wire-tapped.

But either way, that thought never crossed my mind. I guess he probably didn't ***** too much. I mean, hell, it's not like it broke him. And it IS his tax policy...so it's kinda of that "sleep in the bed you made" thing.

Michelle probably had a few choice words...that's a lotta nice shoes

Hey retard! The law prohibits a politician accepting money from a foreign entity. He was not allowed to accept it.

 

[DiamondDave]

I gave a higher % of income to charity.......... aahhhhhhhhhhhhhhhh hahahahahahaha

 

[Midnight Marauder]

He gave 1.7 million dollars to charity, I wouldn't call that negligible.

And look, paying his taxes without bitching about them. To bad leading by example won't work with this crowd

It's listed seperately because he never accepted the money. It wasn't ever his as far as the IRS is concerned. So it's a fine line. But still, from the dollar figures I gave, which didn't include the Nobel Prize money, he gave less than 10%.

And then of course there's the premise that you claim to know whether or not he complained about paying that much in taxes. Maybe he didn't...but you don't know that. Unless you have the man wire-tapped.

But either way, that thought never crossed my mind. I guess he probably didn't ***** too much. I mean, hell, it's not like it broke him. And it IS his tax policy...so it's kinda of that "sleep in the bed you made" thing.

Michelle probably had a few choice words...that's a lotta nice shoes

Hey retard! The law prohibits a politician accepting money from a foreign entity. He was not allowed to accept it.

 

[Murf76]

And I loved the slick move on never accepting the Nobel Prize money...

It wasn't a "slick move" it was the law. He couldn't receive it. He obeyed the law.

Exactly. It wasn't altruism. He had no choice. He's not even allowed to take a deduction for it.

Further, I have to wonder why the money wasn't turned over to treasury. Did Congress give him permission to donate it as he chose?
Obama Barred Constitutionally From Accepting Nobel - washingtonpost.com

 

[Midnight Marauder]

And I loved the slick move on never accepting the Nobel Prize money...

It wasn't a "slick move" it was the law. He couldn't receive it. He obeyed the law.

Exactly. It wasn't altruism. He had no choice. He's not even allowed to take a deduction for it.

Further, I have to wonder why the money wasn't turned over to treasury. Did Congress give him permission to donate it as he chose?
Obama Barred Constitutionally From Accepting Nobel - washingtonpost.com

Under the law he is allowed to disburse it. He's simply not allowed to accept it, or make interest income off it.

 

[Murf76]

Under the law he is allowed to disburse it. He's simply not allowed to accept it, or make interest income off it.

I just found it interesting that these guys over at the Washington Post seemed to believe otherwise. If they're right, it might have been resolved in Congress back at the time of the award for all I know. I doubt it's something that would have been controversial or newsworthy in comparison with the Nobel Committee embarrassing itself to the degree it did... awarding the Peace prize to a guy who'd literally done NOTHING to earn it.

Second, the president has indicated that he will give the prize money to charity, but that does not solve his legal problem. Giving that $1.4 million to a charity could give him a deduction that would reduce his income taxes by $500,000 -- not a nominal amount. Moreover, the money is not his to give away. It belongs to the United States: A federal statute provides that if the president accepts a "tangible or intangible present" for more than a minimal value from any foreign government, the gift "shall become the property of the United States."

(more...)

Obama Barred Constitutionally From Accepting Nobel - washingtonpost.com

 

[Midnight Marauder]

Under the law he is allowed to disburse it. He's simply not allowed to accept it, or make interest income off it.

I just found it interesting that these guys over at the Washington Post seemed to believe otherwise.

If you read what they're actually saying, you'll see they assume the prize is accepted. Technically, it was not. Therefore he cannot get the deduction they speak of.

You can't get the charitable donations deduction on funds you do not own.

 

[Ravi]

Under the law he is allowed to disburse it. He's simply not allowed to accept it, or make interest income off it.

I just found it interesting that these guys over at the Washington Post seemed to believe otherwise.

If you read what they're actually saying, you'll see they assume the prize is accepted. Technically, it was not. Therefore he cannot get the deduction they speak of.

You can't get the charitable donations deduction on funds you do not own.

And even if he could of, he'd have had to claim it as income so it would have been a loss to him in the end.

Happens to a lot of people when they win prizes...tax tax issues bite them in the tush.

 

[Midnight Marauder]

I just found it interesting that these guys over at the Washington Post seemed to believe otherwise.

If you read what they're actually saying, you'll see they assume the prize is accepted. Technically, it was not. Therefore he cannot get the deduction they speak of.

You can't get the charitable donations deduction on funds you do not own.

And even if he could of, he'd have had to claim it as income so it would have been a loss to him in the end.

Happens to a lot of people when they win prizes...tax tax issues bite them in the tush.

I won't do the accounting to determine loss or gain, because I couldn't care less about that. But the fact is, since he never received the monies, he cannot be taxed on them nor can he claim the charitable gifts as deductions.

So the WoPo's point is totally moot. Obama followed the law and the Constitution to the letter.

 

[Midnight Marauder]

Under the law he is allowed to disburse it. He's simply not allowed to accept it, or make interest income off it.

I just found it interesting that these guys over at the Washington Post seemed to believe otherwise.

Let me further filter out the mud from the waters here Murf, because I can see where you and the WoPo messed up.

The Nobel organization never cut a check to Obama. He told them who to cut the checks to. This is also why the time limit didn't apply. The monies went from the Nobel organization, directly to the charities, in honor of the recipient of the award. (President Obama)

See?