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Obama only paid a 26% income tax rate for 2010

apdst said:
Yes it is. The President of The United States is hooked up for life, even after he's out of office.
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look at how much clinton makes
 
Spaceman_Spiff said:
Well, at least we cleared up that you don't know how a progressive income tax works. The only part of President Obama's income that is subject to the 35% is anything above $350,000. Everything else is subject to the corresponding tax brackets. For example, excluding deductions, he would pay the same amount on his first $50,000 as someone who only made $50,000.
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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 glad to see that all it would took for you to do your duty is for a Democrat to be in the White House. Keep up the good work!
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Did GW raise taxes? No? Didn't think so. Keep trying.
 
SheWolf said:
Are you going to complain about all the millionaires abusing tax loopholes or just assume Obama does it, and only complain about him?
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So, do you admit that Obama is abusing tax loopholes?

How about you tell us exactly how he's abusing thiose loopholes?
 
Moderator's Warning:
Just a reminder for everyone to stay on topic. Thank you.
 
apdst said:
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.
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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.
 
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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.
 
apdst said:
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?
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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.

apdst said:
Did GW raise taxes? No? Didn't think so. Keep trying.
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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.
 
apdst said:
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.
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Did GW raise taxes? No? Didn't think so. Keep trying.
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Yeah, what an idiot huh? Now we have his 13 Trillion debt to pay off. ~ Lessons Learned.
 
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.
 
At least one foreigner is paying taxes (while he's taking er jerb).

:)
 
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TacticalEvilDan said:
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.
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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.
 
molten_dragon said:
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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The difference is, we're not hypocrites, we believe in low taxes. Obama should be working for free, and paying his FAIR share.
 
First off.. at least Obama pays taxes.. Could name a few companies that dont.

Secondly.. how on earth can it be Obama's fault that he pays the taxes the system put in place by the Congress says he has to pay?

Thirdly.. I would wager he could pay even LESS if he wanted too.

And finally when the GOP leadership and members in congress cut their staff by 50% and their own wages by 50% and dump the federal healthcare plan they get, then maybe, just maybe we can talk about Obama being a hypocrite... right now, the biggest hypocrites in US politics is clearly the GOP. When will the GOP show some patriotism and cut costs and wages for themselves?

And when are we going to see the tax documents for the GOP front runners? How about Huckabee showing the documents from his time as governor? oh yea forgot, he had them destroyed. Talk about hypocrites.
 
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Wow, that means he paid a lot more than the average liberal. Good for him.
 
PeteEU said:
First off.. at least Obama pays taxes.. Could name a few companies that dont.
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Well, go right ahead and do that and be sure to provide docs proving such. Thanks in advance.

Secondly.. how on earth can it be Obama's fault that he pays the taxes the system put in place by the Congress says he has to pay?
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That's not the point. You're still out in left field.

Thirdly.. I would wager he could pay even LESS if he wanted too.

And finally when the GOP leadership and members in congress cut their staff by 50% and their own wages by 50% and dump the federal healthcare plan they get, then maybe, just maybe we can talk about Obama being a hypocrite... right now, the biggest hypocrites in US politics is clearly the GOP. When will the GOP show some patriotism and cut costs and wages for themselves?
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Is the GOP trying to rape the working class by raising taxes? Why don't you get it? Is it social, or genetic? Are you so brainwashed by the European model of doing things that you can't possibly understand what the problem is here?

And when are we going to see the tax documents for the GOP front runners? How about Huckabee showing the documents from his time as governor? oh yea forgot, he had them destroyed. Talk about hypocrites.
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I'll demand to see their taxes 1) when they get elected to the presidency and 2) they insist that small businesses aren't paying, "their fair share".
 
upsideguy said:
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.
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I already understand the difference. I also know that my effective rate is 35% and I didn't make no million dollars. And all the while this ********er wants to raise my taxes, while he only pays 26%.
 
TacticalEvilDan said:
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.
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Obviously, you need to do some more thinking, because you're missing the point. My argument has nothing to with taking deductions. Although, Obama does want to does away with some deductions.
 
Spaceman_Spiff said:
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.

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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I'm not disputing how the tax code works. Are you yet another Liberal that is totally missing the ****ing point?
 
apdst said:
I also know that my effective rate is 35% and I didn't make no million dollars.
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For all taxes, or just federal income taxes?

Cause afaict, for federal income taxes, the largest percentage for any bracket is 35%. So unless you only made money that was over the cutoff and no money less than the cut off [ don't ask me I have no idea how that would be possible to make money over x amount without first earning money in the amounts from 0-x ] then the effective tax rate would necessarily be less than 35%.
I guess if enough of you money was over the cutoff point, it could be close enough to 35% that it would round up to 35%. But I am pretty sure that would involve you making more than a $mil.
 
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Simon W. Moon said:
For all taxes, or just federal income taxes?
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has to be all taxes. the only way someone gets close to a 35% FIT rate is to have a huge salary with almost no deductions but since a bunch of the income is not taxed at that rate no one is going to have a 35% rate

someone with a 5 million dollar salary (like an athlete or some entertainers) who live in a high income tax state like NY or Ohio is going to pay over 35% of their income in taxes when you figure in property taxes, sales taxes, gasoline taxes, and federal income taxes.
 
Simon W. Moon said:
For all taxes, or just federal income taxes?

Cause afaict, for federal income taxes, the largest percentage for any bracket is 35%. So unless you only made money that was over the cutoff and no money less than the cut off [ don't ask me I have no idea how that would be possible to make money over x amount without first earning money in the amounts from 0-x ] then the effective tax rate would necessarily be less than 35%.
I guess if enough of you money was over the cutoff point, it could be close enough to 35% that it would round up to 35%. But I am pretty sure that would involve you making more than a $mil.
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The tax on corporations is 35%. That's for all corporations. Obama feels like we're not paying enough taxes at that rate. However, he doesn't seem to have a problem with only paying 26% on his own income.
 
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