in 2010 Obama's taxable income was $1,728,096
$245,075 14.18% of his income as donations to charities (WOW a big chunk of change at 14%!!!) THIS IS A TAX LOOPHOLE
$49,945 home mortgage interest TAX LOOPHOLE
$122,527 Long term capital loss CARRYOVER!!! 7% sheltered income!!TAX LOOPHOLE TAX BREAKS FOR MILLIONAIRES AND BILLIONAIRES!!!
Taxes paid: $453,770 which is ONLY 26.26% of gross income.
Note Obama ONLY donated 14.18% of his $1.7 million income.
This 14% is nearly half what Bush donated @ 23%.
Bush who had $719,000 reported income which is HALF Obama's $1,728,096 income!!!
WHY didn't he do as Bush did, give 23% of an income?
President and Mrs. George W. Bush reported taxable income of $719, 274 for the tax year 2007
The Bushes contributed a total of
$165,660 [23%] to churches and charitable organizations.
federal income taxes,paid $221,635 or 30%!
Bush earned $719,000 in 2007 - CNN.com
In summary Bush who made half what Obama did paid 30% in taxes while donating 23%.
Obama who made over double at $1.7 million to Bush's $.7 million But Obama paid less ( 26% ) in taxes and donated less then 14%!
And now with this $20k write off as a gift to the government, Obama will lower his tax bill by $7,250 in 2014!
BIG deal especially when his brother still lives in a $12 a year hut... and pious preacher Obama says "I'm my brother's keeper"???