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Thread: Obama only paid a 26% income tax rate for 2010

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    Re: Obama only paid a 26% income tax rate for 2010

    Moderator's Warning:
    Obama only paid a 26% income tax rate for 2010Just a reminder for everyone to stay on topic. Thank you.

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by apdst View Post
    Why didn't he voluntarily pay the top percentage rate?

    Another big question I have, is how did his income drop 4 million bucks, in a year? I'm betting that someone is hiding some serious jack...through tax loopholes.
    Good grief! Another arguing about the inequities of our tax system without a clue how it actually works. His marginal rate was 35%; his effective rate 26%. No one has a 35% effective rate on their US Federal income taxes. It is impossible.

    Deductions, exemptions and credits are not loopholes (though they are tax expenditures). This items are build into the tax code for specific reasons. Loopholes are using nuances in the tax codes in ways they were not intended to benefit your tax posture.

    Please learn the concepts of marginal and effective rates as well as the terms deductions, credits and exemptions then return to the ring.
    Last edited by upsideguy; 04-24-11 at 02:13 AM.

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by dontworrybehappy View Post
    ......

    Damn it must be nice. Fyck up the country royally and get paid for it.
    Yep, they should have cut off Bush's pension.....

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    Re: Obama only paid a 26% income tax rate for 2010

    I think the point that apdst seems to feel is being missed is that somebody who thinks "the rich" aren't paying "enough taxes" shouldn't be taking deductions or credits.

    I think the point that apdst is missing is that the obvious solution, from Obama's perspective, is to adjust the tax code so that "the rich" are paying "enough taxes." One guy volunteering to pay more than the law requires isn't going to fix the overall systemic problem -- or at least not one guy with a seven-figure income, since we're talking about a government with a 13-figure budget and a 14-figure debt.
    I'm already gearing up for Finger Vote 2014.

    Just for reference, means my post was a giant steaming pile of sarcasm.

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by apdst View Post
    Including deductions, he paid taxes on more than a million bucks. He's a millionaire. Why are you defending a millionaire that doesn't produce a single job?
    I am not defending President Obama and the First Lady, but then this response has nothing to do with the message you are responding to. All I am doing is merely correcting your mistaken idea about how a progressive tax is levied so that in future debates about tax policy you will actually know what you are talking about.

    Quote Originally Posted by apdst View Post
    Did GW raise taxes? No? Didn't think so. Keep trying.
    President's Bush's tax policy has nothing to do with what we are discussing. Again you have trouble responding to what was written. Why is that?

    You said it was your duty to question the President. All I said is that all it took to perform your duty as American citizen was for a Democrat to be in office. The best I can say for you is better than late than never.

    I still don't see what the big deal is that President Obama's average tax rate does not match his marginal tax rate. The same thing can be said for most likely every American that filed a tax return this year. Haters gonna hate, I guess.

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by apdst View Post
    Including deductions, he paid taxes on more than a million bucks. He's a millionaire. Why are you defending a millionaire that doesn't produce a single job?

    LOL! Who told you he didn't produce any jobs? And are you supporting Socialist programs to provide employment and make the government bigger yet? Are cons to lazy to go out and get a job on their own? Sounds like you would complain if you were hung with a new rope.


    Did GW raise taxes? No? Didn't think so. Keep trying.
    Yeah, what an idiot huh? Now we have his 13 Trillion debt to pay off. ~ Lessons Learned.

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    Re: Obama only paid a 26% income tax rate for 2010

    Why he did not pay the top rate i do not know. Maybe it has to do with filing as married with two kids? I dunno. If that is not the case he should. He also does not get paid to be president as far as I know as well as his cabinet. So even if he is playIbg the system isn't he still saving the country money? I think trump needs to investigate with his top men.
    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

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    Re: Obama only paid a 26% income tax rate for 2010

    At least one foreigner is paying taxes (while he's taking er jerb).

    Last edited by ecofarm; 04-24-11 at 06:07 AM.

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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by TacticalEvilDan View Post
    I think the point that apdst seems to feel is being missed is that somebody who thinks "the rich" aren't paying "enough taxes" shouldn't be taking deductions or credits.

    I think the point that apdst is missing is that the obvious solution, from Obama's perspective, is to adjust the tax code so that "the rich" are paying "enough taxes." One guy volunteering to pay more than the law requires isn't going to fix the overall systemic problem -- or at least not one guy with a seven-figure income, since we're talking about a government with a 13-figure budget and a 14-figure debt.
    I'd love to get a look at the tax returns of the people in this thread who are lambasting Obama for 'taking advantage of loopholes' in the tax code, just so I could see to what degree they're doing the exact same thing.
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    Re: Obama only paid a 26% income tax rate for 2010

    Quote Originally Posted by molten_dragon View Post
    I'd love to get a look at the tax returns of the people in this thread who are lambasting Obama for 'taking advantage of loopholes' in the tax code, just so I could see to what degree they're doing the exact same thing.
    The difference is, we're not hypocrites, we believe in low taxes. Obama should be working for free, and paying his FAIR share.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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