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Thread: Obama, first lady release 2012 tax returns

  1. #21
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    Re: Obama, first lady release 2012 tax returns

    Quote Originally Posted by The Man View Post
    That IS in the OP. But Romney donated more than that, and it wasn't good enough to a lot of people. There does seem to be a double standard here.

    percentage-wise, Romney donated less. One has difficulty comparing tax returns when one side has refused to release more than two years and the other puts theirs out for the public every year. Then there is the ever so-inconsequential difference in personal income.


    Yes - Willard Mitt Romney donated more than Barack Obama, but his income was $20.9 million in 2011 and $21.7 million in 2010. What was the President's income in those years?

    AND

    Mitt himself stated that he had paid income taxes at a rate of of "at least 13%" - not that he was willing to release the returns for those years but you gotta trust him - right?
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    Re: Obama, first lady release 2012 tax returns

    Quote Originally Posted by MaggieD View Post
    I'm with you on this one. This is the same argument people had with Buffett. He called people's attention to how little a percentage he paid in taxes and people thought he should just go ahead and pay them.

    And, good Lord! Look what they did to Romney. Same idea.

    The law is the law. If the deductions and tax treatments are available for one, they're available for all. No one should be expected to pay more than they have to. That's just not how the system works.
    There is no law that requires you to hire high price tax attorneys to get every possible tax break you can. If you are rich and think the rich are not taxed enough there is a simple solution, don't take tax breaks you don't have to take. This becomes particularly applicable to the POTUS who wants to raise taxes on the rich and even to Buffet who supports that presidents tax ideas. You need a little nappy nap young lady.

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    Re: Obama, first lady release 2012 tax returns

    Quote Originally Posted by sawyerloggingon View Post
    So as obama preaches that the rich don't pay enough tax he and the queen take advantage of every tax break they can and get their rate down to 18.4%, what a hypocrite!


    "Obama, who renewed his call for higher taxes on the wealthy in the budget he released Wednesday, paid $112,214 in taxes last year, putting his effective federal tax rate at 18.4 percent. The Obamas donated almost one-quarter of their income to charity, according to tax returns released by the White House.
    Most of the $608,611 that the Obamas reported in adjusted gross income came from the president's salary, as he reported $394,840 in wages. An additional $258,772 came from royalties from his books, including his 1995 memoir "Dreams From My Father," his 2006 political book, "The Audacity of Hope," and a 2010 children's book, "Of Thee I Sing: A Letter to My Daughters."


    "Itemized deductions of $258,385 brought the Obama's taxable income down to $335,026. The first family deducted $45,056 in interest on the mortgage for their home in Chicago, plus $36,554 in state and local taxes and $26,751 in real estate taxes."

    Obama, first lady earned less than 2012 than prior years in office, paid $112k in income taxes | StarTribune.com
    That's interesting.

    You're only allowed to deduct interest on secured mortgage debt that is $1,000,000 or less. Since Obama bought the house in 2005 and assuming that the tax return is correct that means that he's paying just under 5.25% on a 30 year note which is a ridiculous rate to be paying today if you have anything like good credit.

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    Obama, first lady release 2012 tax returns

    Quote Originally Posted by MaggieD View Post
    I'm with you on this one. This is the same argument people had with Buffett. He called people's attention to how little a percentage he paid in taxes and people thought he should just go ahead and pay them.

    And, good Lord! Look what they did to Romney. Same idea.

    The law is the law. If the deductions and tax treatments are available for one, they're available for all. No one should be expected to pay more than they have to. That's just not how the system works.
    Warren Buffet should lead by example as well. Don't take any deductions on your taxes. You want others to pay more, put your money where your mouth is.

    But then, Buffet isn't our leader. Obama is supposed to be our leader, so I'm naturally going to be more critical of his hypocritical actions.

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    Re: Obama, first lady release 2012 tax returns

    Quote Originally Posted by Lutherf View Post
    That's interesting.

    You're only allowed to deduct interest on secured mortgage debt that is $1,000,000 or less. Since Obama bought the house in 2005 and assuming that the tax return is correct that means that he's paying just under 5.25% on a 30 year note which is a ridiculous rate to be paying today if you have anything like good credit.
    You may be on to something here.

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    Re: Obama, first lady release 2012 tax returns

    Quote Originally Posted by sawyerloggingon View Post
    There is no law that requires you to hire high price tax attorneys to get every possible tax break you can. If you are rich and think the rich are not taxed enough there is a simple solution, don't take tax breaks you don't have to take. This becomes particularly applicable to the POTUS who wants to raise taxes on the rich and even to Buffet who supports that presidents tax ideas. You need a little nappy nap young lady.
    -- Well, I don't agree with you; but you did give me a laugh!
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    Re: Obama, first lady release 2012 tax returns

    Quote Originally Posted by sawyerloggingon View Post
    There is no law that requires you to hire high price tax attorneys to get every possible tax break you can. If you are rich and think the rich are not taxed enough there is a simple solution, don't take tax breaks you don't have to take. This becomes particularly applicable to the POTUS who wants to raise taxes on the rich and even to Buffet who supports that presidents tax ideas. You need a little nappy nap young lady.
    Maybe you need to wake up from your nap. Why would anyone pay more than what they legally owe? Maggie is right. Pay what you owe, pay no more, and if you think that the system should be changed, work toward that goal.

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    Re: Obama, first lady release 2012 tax returns

    Quote Originally Posted by jimbo View Post
    Maybe you need to wake up from your nap. Why would anyone pay more than what they legally owe? Maggie is right. Pay what you owe, pay no more, and if you think that the system should be changed, work toward that goal.
    Leading by example is what usually influences the most effective forms of changing a system...
    I don't often change my signature, but this was just too over the top to let anyone forget with what this country is up against...
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    Re: Obama, first lady release 2012 tax returns

    Quote Originally Posted by AlabamaPaul View Post
    Leading by example is what usually influences the most effective forms of changing a system...
    Then, since this is your idea, am I correct in assuming that you did not take the child deduction, the mortgage interest deduction, the mileage deduction the charitable deduction? Or are yoiu intending to file an amended return?

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    Obama, first lady release 2012 tax returns

    Quote Originally Posted by jimbo View Post
    Then, since this is your idea, am I correct in assuming that you did not take the child deduction, the mortgage interest deduction, the mileage deduction the charitable deduction? Or are yoiu intending to file an amended return?
    He didn't say that people should pay more taxes, and he's not our leader.

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