Showing Integrity:
Not sure..but is this another first for an American President? Giving up part of his salary?
I also applaud Obama! Great idea! I think he is doing the right thing! 5% of $400,000 is $20,000!
Just about the amount he could have paid if he did like GWB did pay 30% of his taxes to the IRS!
He actually could have done it though like George Bush did..
i.e. donate MORE MONEY to charity and GWB paid more in taxes taking less tax loopholes!
Obama's 2010 Tax Returns
- $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!
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- $453,770 Taxes paid which is ONLY 26.26% of gross income.
$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
I mean facts don't lie! Obama is doing this as an optic but behind close doors with his scheming tax accounts figures out how he can deduct it from his taxes!