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Thread: Obama, first lady release 2012 tax returns

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    Obama, first lady release 2012 tax returns

    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

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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
    I'm shocked,shocked I say !!

    Not really!!

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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
    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.

    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/defa...obama_2012.pdf
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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
    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.
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    Quote Originally Posted by Fiddytree View Post
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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
    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.
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    Re: Obama, first lady release 2012 tax returns

    Quote Originally Posted by Redress View Post
    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.

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    Obama, first lady release 2012 tax returns

    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.

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    Re: Obama, first lady release 2012 tax returns

    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.
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    Re: Obama, first lady release 2012 tax returns

    Quote Originally Posted by sawyerloggingon View Post
    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.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Obama, first lady release 2012 tax returns

    Quote Originally Posted by Somerville View Post
    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.

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