Obama TAX LOOPHOLE user.. 2012 tax return..

[healthmyths]

Today, the President released his 2012 federal income tax returns.
He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $608,611.
The Obamas paid $112,214 in total tax.
The President and First Lady also reported donating $150,034 – or about 24.6 percent of their adjusted gross income – to 33 different charities.
The largest reported gift to charity was $103,871 to the Fisher House Foundation.
The President’s effective federal income tax rate is 18.4 percent.
The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up.
Under the President’s own tax proposals, including limitations on the value of tax preferences for high-income households,
he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it.
The President and First Lady also released their Illinois income tax return and reported paying $29,450 in state income tax.
President Obama and Vice President Biden?s 2012 Tax Returns | The White House

Guess what the TAX LOOPHOLE criticizer-in-Chief took TAX LOOPHOLE
Item 15 Net long-term capital gain or (loss), Combine lines 8 through 14 in column (h) Then go to part III on page 2: LOSS 115,516!!!
FOLKS Obama reduced his taxable income of $724,127 to $608,611 thus reducing his taxes by $65,921!
What a hypocrite!!!!

 

[Politico]

Following tax law is not taking a loophole. Fail.

 

[StevenC]

So much for paying his fair share.
Just more hypocrisy from him.

 

[Politico]

He did pay his fair share. Wow double fail in record time lol.

 

[konradv]

Item 15 Net long-term capital gain or (loss), Combine lines 8 through 14 in column (h) Then go to part III on page 2: LOSS 115,516!!!
FOLKS Obama reduced his taxable income of $724,127 to $608,611 thus reducing his taxes by $65,921!
What a hypocrite!!!!

By saving nearly $66K on a 115.5K loss you're saying there was a 57% tax bracket on that amount. I thought regular income was 39% and capital gains less than that. Think you need to check your math.

 

[StevenC]

He did pay his fairshare. Wow double fail in record time lol.

Not according to what he was telling people.

His plan to limit deductions and exclusions for people with income above $250,000 has even been rejected by many Democrats in the past.

Obama: Rich should pay 'fair share' to reduce debt

 

[konradv]

He did pay his fairshare. Wow double fail in record time lol.

Not according to what he was telling people.

His plan to limit deductions and exclusions for people with income above $250,000 has even been rejected by many Democrats in the past.

Obama: Rich should pay 'fair share' to reduce debt

Fair share according to the Republicans and some Democrats, as you say. Unless you're one that's calling for high rates, you're the hypocrite for saying that isn't a fair share.

 

[nodoginnafight]

So he should have sent in more than required?

EPIC FAIL!

 

[healthmyths]

Following tax law is not taking a loophole. Fail.

YOU MISSED THE POINT!!!
No one blames anyone for taking tax law loopholes.. EXCEPT THIS DUMMY OBAMA!!
He criticizes others for what he is doing!!!
Don't you get it? How f...king stupid!
Each time Obama brings this up where are the press explaining OBAMA took a $115,000 tax write LOOPHOLE!!!
Barack Obama is to propose a "Buffett Tax" on people earning over $1m (£630,000) a year as part of his deficit recommendations to Congress on Monday.
The proposal is called the "Buffett Tax" after US billionaire investor Warren Buffett, who wrote earlier this year that rich people like him often pay less in tax than those who work for them due to loopholes in the tax code, and can afford to pay more."
Obama Calls For 'Buffett Tax' On Millionaires

This is such crass pure hypocrisy is the POINT!

Obama would be better served OPTICS wise if he instructed HIS tax people..
1) NO MORE loss carry-forward write offs against income thus paying not 18% as he did but closer to what Bush did on the same income but Bush paid 30% taxes
not the effective tax rate he did of less then 18.4%!
2) Then Obama would have EVERY right to moan and groan about tax loopholes cause he didn't take any!

This pure hypocrite also donated 24.6% to charities... hmmm...
HIs brother still lives in a $12/year hut!

 

[StevenC]

He did pay his fairshare. Wow double fail in record time lol.

Not according to what he was telling people.

His plan to limit deductions and exclusions for people with income above $250,000 has even been rejected by many Democrats in the past.

Obama: Rich should pay 'fair share' to reduce debt

Fair share according to the Republicans and some Democrats, as you say. Unless you're one that's calling for high rates, you're the hypocrite for saying that isn't a fair share.

According to Obama himself. He said the rich, those like him, should pay more.

 

[StevenC]

So he should have sent in more than required?

EPIC FAIL!

He could have done what Romney did and not take all his deductions.

 

[konradv]

Not according to what he was telling people.

Obama: Rich should pay 'fair share' to reduce debt

Fair share according to the Republicans and some Democrats, as you say. Unless you're one that's calling for high rates, you're the hypocrite for saying that isn't a fair share.

According to Obama himself. He said the rich, those like him, should pay more.

When it becomes law, I'm sure he will. Until then he should be able to take whatever is lawful.

 

[healthmyths]

Item 15 Net long-term capital gain or (loss), Combine lines 8 through 14 in column (h) Then go to part III on page 2: LOSS 115,516!!!
FOLKS Obama reduced his taxable income of $724,127 to $608,611 thus reducing his taxes by $65,921!
What a hypocrite!!!!

By saving nearly $66K on a 115.5K loss you're saying there was a 57% tax bracket on that amount. I thought regular income was 39% and capital gains less than that. Think you need to check your math.

I was wrong... I used 24.6% he used for donations instead of the 18.4% that was the tax after all the tax loopholes.

OK...
I took his adjusted income $608,611 AFTER the writes off.
I then added back the $115,516 which makes his taxable income of $724,127.

Without adding any further taxes I took what was reported 18.4% and multiplied the $724,127 (without the $115,516 deduction) by 18.4% or the taxes would have been $133,239.
Not the actually reported today of $112,214.

Subtract from $133,239 tax he should have paid instead of what he did pay $112,214 means he paid $21,025 less then he should if he didn't take the $115,516 write off.

So what part of that do you have a problem with?

 

[konradv]

Following tax law is not taking a loophole. Fail.

YOU MISSED THE POINT!!!
No one blames anyone for taking tax law loopholes.. EXCEPT THIS DUMMY OBAMA!!
He criticizes others for what he is doing!!!
Don't you get it? How f...king stupid!
Each time Obama brings this up where are the press explaining OBAMA took a $115,000 tax write LOOPHOLE!!!
Barack Obama is to propose a "Buffett Tax" on people earning over $1m (£630,000) a year as part of his deficit recommendations to Congress on Monday.
The proposal is called the "Buffett Tax" after US billionaire investor Warren Buffett, who wrote earlier this year that rich people like him often pay less in tax than those who work for them due to loopholes in the tax code, and can afford to pay more."
Obama Calls For 'Buffett Tax' On Millionaires

This is such crass pure hypocrisy is the POINT!

Obama would be better served OPTICS wise if he instructed HIS tax people..
1) NO MORE loss carry-forward write offs against income thus paying not 18% as he did but closer to what Bush did on the same income but Bush paid 30% taxes
not the effective tax rate he did of less then 18.4%!
2) Then Obama would have EVERY right to moan and groan about tax loopholes cause he didn't take any!

This pure hypocrite also donated 24.6% to charities... hmmm...
HIs brother still lives in a $12/year hut!

What's hypocritical about giving nearly a quarter of your income to charity.

What you say about his brother is a lie and as I said before your math sucks. Epic Fail in this thread.

George Hussein Onyango Obama

Youngest half-brother of Barack Obama, born c. 1982, son of Barack Obama, Sr.[127] and Jael Otieno (now a resident of Atlanta, Georgia).[128][129] George was six months old when his father died in an automobile accident, after which he was raised in Nairobi by his mother and a French step-father. He later lived in South Korea for two years while his mother resided there for business reasons.[128] Returning to Kenya, George Obama "slept rough for several years,"[130] until his aunt gave him a six-by-eight foot corrugated metal shack in the Nairobi slum of Huruma Flats.[128] As of August 2008, Obama was studying to become a mechanic.[128] George received little attention until being featured in an article in the Italian-language edition of Vanity Fair in August 2008, which portrayed him as living in poverty, shame, and obscurity.[131] The article quoted George Obama as saying that he lived "on less than a dollar a month" and said that he "does not mention his famous half-brother in conversation" out of shame at his poverty.[132] In later interviews, George contradicted this picture. In an interview with The Times, he "said that he was furious at subsequent reports that he had been abandoned by the Obama family and that he was filled with shame about living in a slum."[129] He told The Times, "Life in Huruma is good." George Obama said that he expects no favors, that he was supported by relatives, and that reports he lived on a dollar a month were "all lies by people who don't want my brother to win."[129] He told The Telegraph that he was inspired by his half-brother.[128] According to Time, George "has repeatedly denied ... that he feels abandoned by Obama."[133] CNN quoted him as saying, "I was brought up well. I live well even now. The magazines, they have exaggerated everything – I think I kind of like it here. There are some challenges, but maybe it is just like where you come from, there are the same challenges."[131] George and the British journalist Damien Lewis published George's story in a 2011 book called Homeland.[134][135] George also appeared in the film 2016: Obama's America, which was widely considered an anti-Obama documentary.[136]

Family of Barack Obama - Wikipedia, the free encyclopedia

 

[OriginalShroom]

So he should have sent in more than required?

EPIC FAIL!

He should have sent in what he claims that he should be forced to pay by law.

Remember, a mark of character is what you do when not forced to do it.

Obama shows no character.

 

[OriginalShroom]

Fair share according to the Republicans and some Democrats, as you say. Unless you're one that's calling for high rates, you're the hypocrite for saying that isn't a fair share.

According to Obama himself. He said the rich, those like him, should pay more.

When it becomes law, I'm sure he will. Until then he should be able to take whatever is lawful.

So you are saying that he has to be forced by law to do what he claims is the right and fair thing to do?

What a man you are supporting there. Makes me wonder what else he would do if he weren't constrained by the law that he knows is wrong?

 

[konradv]

So he should have sent in more than required?

EPIC FAIL!

He should have sent in what he claims that he should be forced to pay by law.

Remember, a mark of character is what you do when not forced to do it.

Obama shows no character.

He gave nearly 25% of his income to charity and took a voluntary 5% pay cut. Sounds like a man of good character to me. Can you show me that you do any better?

 

[healthmyths]

So he should have sent in more than required?

EPIC FAIL!

He should have sent in what he claims that he should be forced to pay by law.

Remember, a mark of character is what you do when not forced to do it.

Obama shows no character.

He gave nearly 25% of his income to charity and took a voluntary 5% pay cut. Sounds like a man of good character to me. Can you show me that you do any better?

I'm not the idiot wanting people to give up the tax loopholes THAT HE IS USING!
That's the point!

OH and "good character"??? What a f...king joke! His brother still lives in a $12 hut!
He gave LESS then Bush did % wise while making 2 times the amount and paid LESS in taxes then Bush did... so tell me what kind of character is that???

Obama's 2010 Tax Returns

Obama 2010 tax return!

• $1,728,096 Obama's 2010 taxable income
• $245,075 (or 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 which is the 3rd largest tax deduction
• $122,527 Long term capital loss CARRYOVER!!! 7% sheltered income!!TAX LOOPHOLE FOR MILLIONAIRES AND BILLIONAIRES!!! 7th largest!
• $453,770 Taxes paid which is ONLY 26.26% of gross income.

Bush taxes in 2007
$719,274 for the tax year 2007 President and Mrs. George W. Bush reported taxable income
$165,660 [or 23% of taxable income-- Obama 14%] donations by Bush to churches and charitable organizations.
NO TAX write offs. NO LOOPHOLES!
$221,635 (this is 30% of taxable income
versus Obama 26% paid in federal income taxes.)

Bush earned $719,000 in 2007 - CNN.com

 

[konradv]

He should have sent in what he claims that he should be forced to pay by law.

Remember, a mark of character is what you do when not forced to do it.

Obama shows no character.

He gave nearly 25% of his income to charity and took a voluntary 5% pay cut. Sounds like a man of good character to me. Can you show me that you do any better?

OH and "good character"??? What a f...king joke! His brother still lives in a $12 hut.

Repeating a lie doesn't make it true. Given that you believe what you want to believe rather than the man himself, makes me doubt any of your information is true. Obama's brother disputes your contention. I think I'll take his word over that of a partisan hack.

 

[healthmyths]

I am constantly amazed at the Obama apologists that even when confronted with FACTS like:
A) Obama bitches about tax loopholes yet he takes them... WAKE UP folks that's what hypocrites.. point finger when 3 point back at him!
B) Obama taking loop holes paid less then 18% of taxable income and you idiots excuse that because it's Obama???
C) He paid 26% in 2010 when bush paid 30% no loopholes for bush but Obama $112,000 and more!

D) This idiot's brother still live in a hut and he gives $150,000 but can't afford to help his brother???
This from the same hypocrite that says "I'm my brother's keeper"!!!! What a f...king hypocrite!