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Obama, first lady release 2012 tax returns

sawyerloggingon

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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
 
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

I'm shocked,shocked I say !!:eek:

Not really!!:lol:
 
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

Above that Adjusted Gross Income is a deduction for $50,000 for SEP, simple and qualified plans and $3,465 in self-employment tax. It appears our President has a part-time job. :rofl

Interesting that he donated $100,000 to the Fisher House Foundation, "Providing a Home Away from Home for military families to be close to their loved ones during hospitalization..."

He paid $29,000 in Illinois State Income Tax. Good. We can use it.

Here's his actual return:

http://www.whitehouse.gov/sites/default/files/docs/complete_return_president_obama_2012.pdf
 
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

I think the word hypocrisy has you confused as to what it means. If Obama was suggesting that people not use every deduction they are entitled to under the law, but did himself, that would be hypocrisy. Wanting to change the law, while following the law, that is not hypocrisy.
 
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

This observation is so tired.

Paying your full share of taxes is only meaningful if everybody does it. It isn't a profound religious exercise.
 
I think the word hypocrisy has you confused as to what it means. If Obama was suggesting that people not use every deduction they are entitled to under the law, but did himself, that would be hypocrisy. Wanting to change the law, while following the law, that is not hypocrisy.

Obama says the rich don't pay enough tax then does everything possible to pay as little as possible, if that is not hypocrisy I don't know what is. He should have practiced what he preaches, took no deductions and paid more taxes.
 
Obama supporters forget that Obama himself IS one of those people that they love to hate: a multi-millionaire, and you don't get to be a multi-millionaire by being stupid with your money and throwing more of it away than you have to on taxes. He isn't on the middle and lower class' side, and doesn't stick up for them any more than any other politician regardless of party.
 
Why don't you Obama haters put in the following fact in your various screeds?

The president and first lady reported donating $150,034 — or 24.6 percent of their income — to 33 charities.


MaggieD wrote:
Above that Adjusted Gross Income is a deduction for $50,000 for SEP, simple and qualified plans and $3,465 in self-employment tax. It appears our President has a part-time job.

The 'part-time job' is related to the books he has written and as he continues to receive royalties on said publications, he has to report it in that way.
 
Obama says the rich don't pay enough tax then does everything possible to pay as little as possible, if that is not hypocrisy I don't know what is. He should have practiced what he preaches, took no deductions and paid more taxes.

You don't know what hypocrisy is. He preaches higher rates and fewer deductions available for the wealthy, ie a change in tax law. He does not preach paying more than what you are obligated to.
 
Why don't you Obama haters put in the following fact in your various screeds?






The 'part-time job' is related to the books he has written and as he continues to receive royalties on said publications, he has to report it in that way.

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.
 
Obama supporters forget that Obama himself IS one of those people that they love to hate: a multi-millionaire, and you don't get to be a multi-millionaire by being stupid with your money and throwing more of it away than you have to on taxes. He isn't on the middle and lower class' side, and doesn't stick up for them any more than any other politician regardless of party.

Why would I hate rich people. Some of my favorite people are rich. Lame, stupid talking points are lame and stupid.
 
You don't know what hypocrisy is. He preaches higher rates and fewer deductions available for the wealthy, ie a change in tax law. He does not preach paying more than what you are obligated to.

Should he not lead by example?
 
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.

Who criticized the amount Romney donated to charity?
 
You mean following the law? He is.

No, I mean pay more in taxes. He's not required by law to take any tax deductions, so why did he? He should lead by example. If he wants others to pay more in taxes, he should put his money where his mouth is.
 
You don't know what hypocrisy is. He preaches higher rates and fewer deductions available for the wealthy, ie a change in tax law. He does not preach paying more than what you are obligated to.

You win the award for lamest most pitiful attempt to defend obama in the history of this forum.
 
No, I mean pay more in taxes. He's not required by law to take any tax deductions, so why did he? He should lead by example. If he wants others to pay more in taxes, he should put his money where his mouth is.

He wants to change tax law. He does not want people to pay more than they are legally obligated to. This is a large, unsubtle difference.
 
You win the award for lamest most pitiful attempt to defend obama in the history of this forum.

Let's see...factually correct, and totally demolishing your claim...I think you have trouble with the word pitiful as well as the word hypocrisy.
 
He wants to change tax law. He does not want people to pay more than they are legally obligated to. This is a large, unsubtle difference.

But if that's what he wants, then he should lead by example. Show people that he's serious.
 
He wants to change tax law. He does not want people to pay more than they are legally obligated to. This is a large, unsubtle difference.

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.
 
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. :roll:


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?
 
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.:lol:
 
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.
 
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.
 
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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