Obama only paid a 26% income tax rate for 2010

ecofarm · Apr 24, 2011

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.

You want to compare Obama with random internet posters? Oh how the expectations have fallen. These days, he just needs to slip past interwebs justice - that's change we can believe in.

New stove and car, no? Still eating dogfood? Well, Obama is not as bad as SocialDem! So, why are you complaining?? Obama's hope has been reduced to "well, he never robbed a train". Really? That's all you got?

Badmutha · Apr 24, 2011

PeteEU said:
First off.. at least Obama pays taxes.. Could name a few companies that dont.

Does it matter......

Libtards still support Tax Cheat Rangle (D).........Tax Cheat Turd Geithner (D).........Tax Cheat Daschle (D).......

.....wouldnt you like Obama more if he cheated on his taxes?

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?

The President of Hypocrisy took advantage of every Deduction he has been preaching against......

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

Nothing stopped The President of Hypocrisy from paying Clinton era tax rates........

........besides his greed.......
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Simon W. Moon · Apr 24, 2011

apdst said:
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.

Actually, afaict, corporations also have graduated taxes rather than a set rate for all amounts of income. So not all corporations pay an effective tax of 35%.

Code:

taxable income	tax rate	tax on bracket	cumulative tax	effective tax rate
50,000		15.00%		7,500		7,500		15.00%
75,000		25.00%		6,250		13,750		18.33%
100,000		34.00%		8,500		22,250		22.25%
335,000		39.00%		91,650		113,900		34.00%
10,000,000	34.00%		3,286,100	3,400,000	34.00%
15,000,000	35.00%		1,750,000	5,150,000	34.33%
18,333,333	38.00%		1,266,667	6,416,667	35.00%

But perhaps my spreadsheet skills are suffering from a lack of coffee

rates and brackets taken from here: Federal Corporation Taxes — Infoplease.com

apdst · Apr 24, 2011

Simon W. Moon said:
Actually, afaict, corporations also have graduated taxes rather than a set rate for all amounts of income. So not all corporations pay an effective tax of 35%.

Code:

taxable income tax rate tax on bracket cumulative tax effective tax rate 50,000 15.00% 7,500 7,500 15.00% 75,000 25.00% 6,250 13,750 18.33% 100,000 34.00% 8,500 22,250 22.25% 335,000 39.00% 91,650 113,900 34.00% 10,000,000 34.00% 3,286,100 3,400,000 34.00% 15,000,000 35.00% 1,750,000 5,150,000 34.33% 18,333,333 38.00% 1,266,667 6,416,667 35.00%

But perhaps my spreadsheet skills are suffering from a lack of coffee

rates and brackets taken from here: Federal Corporation Taxes — Infoplease.com

I think it's reality, more than coffee.

Simon W. Moon · Apr 24, 2011

apdst said:
I think it's reality, more than coffee.

Please correct my information or my calculations to reflect the facts. Which parts do I have incorrect? The inputs or the formulas?

are you sure you're not referring to total taxes and not merely federal income taxes?

Amazed · Apr 24, 2011

He is leading because he is advocating for a cause and people are buying in. All that is required to be a leader is to have someone to lead. (cue the "all liberals are sheep" retort"

Wishful thinking on your part...nobody but but the folks he already controls are "buying in"....the rest of us understand that the "programs" are in need of serious overhaul.....and are in no way ready to "give" more to the failures of the "Great Society"...(cue the selfish republican retort here)

I am looking at it logically, in fact, I have given you the basis for my view and the reasoning when stems from that basis. From my perspective, you are going at it emotionally due to your use of hyperbole. Also the structure is not a side issue as changing the tax code is one of the basis for this thread, which makes it relevant. Perhaps if you addressed my points about the efficacy of doing what you suggest we would get somewhere.

You've made no coherent points, you've simply defended Obama's hypocrisy.....and use the term "structure" to obfuscate said hypocrisy.

Well, I know we could learn if you would actually address my reasoning.

Turn away from obfuscation and emotion and perhaps we might get somewhere

PeteEU · Apr 24, 2011

apdst said:
Well, go right ahead and do that and be sure to provide docs proving such. Thanks in advance.

General Electric. Exxon.

That's not the point. You're still out in left field.

It is the point.

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

As I stated, so would I. But unlike Romney and the other GOP hypocrites, he does not hide his wealth in off shore corporations and what not.

Is the GOP trying to rape the working class by raising taxes?

Actually yes. Any and all proposals coming form the GOP has one goal.. to make the "working class" pay relatively more than the "rich".

Why don't you get it? Is it social, or genetic?

I do get it, question is why dont you..

Are you so brainwashed by the European model of doing things that you can't possibly understand what the problem is here?

LOL you seriously believe your problems are some how unique to the US only? Gezz talk about arrogance.

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".

So in other words, never. Hypocrite.

PeteEU · Apr 24, 2011

Badmutha said:
Does it matter......

Libtards still support Tax Cheat Rangle (D).........Tax Cheat Turd Geithner (D).........Tax Cheat Daschle (D).......

.....wouldnt you like Obama more if he cheated on his taxes?

There is one hell of a difference between cheating on ones taxes and making errors.. so get a freaking reality check. And it DOES ****ING MATTER. How on earth can you with a straight face call out any democrat for tax problems when the main stream GOP hacks live of the state and pay next to no taxes themselves? Have you looked at Romneys companies and see where they are registered and pay taxes? Have you looked at Backmans "farm subsidies" she and her family receive? Have you looked at the tax, or lack of such, that Huckabee has paid? How about how the Koch brothers have been sucking on the federal tit for decades, gaining tax breaks, funding and what not, all in a while being registered overseas to avoid taxes? Where is your outrage over that.. that cost the US taxpayer, you.. unless you part of the 40% that dont pay taxes... BILLIONS every year.

The President of Hypocrisy took advantage of every Deduction he has been preaching against......

That is the GOP.. they have been the leaders of the hypocrisy movement ever since they embraced the radical religious right.

Nothing stopped The President of Hypocrisy from paying Clinton era tax rates........

........besides his greed.......

Are you even sure he could if he wanted too? The IRS would most likely just refund him in a year for paying too much in taxes...

UtahBill · Apr 24, 2011

upsideguy said:
Yep, they should have cut off Bush's pension.....

and his dick, cheney that is....

Simon W. Moon · Apr 24, 2011

PeteEU said:
General Electric. Exxon.

afaict, these are just names and not documentation

upsideguy · Apr 24, 2011

apdst said:
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%.

If you think your effective federal income tax rate is 35%, then you do not understand the difference. It is impossible to have a 35% effective federal income tax rate as 35% is the maximum marginal rate. Given that not all income is taxed federally (because of exemptions, deductions and credits, which apply to every tax payer) and the 35% rate does not kick in until the first $350,000 (of taxable income) was taxed at lower rates, it is not possible to have a 35% effective rate (which is total income tax paid / total income). Again, read up than return the battle when you have reasonable armament.

Income tax in the United States - Wikipedia, the free encyclopedia

I agree that effective tax rates of ALL taxes, including real estate, sales, excise, employment and state and local taxes can approach 35% in certain instances, but in most cases it is also in the 25-30% range.

If you are comparing Obama's 26% effective rate on federal income taxes to your all-in tax situation than you are comparing apples to locomotives.....

Badmutha · Apr 24, 2011

PeteEU said:
There is one hell of a difference between cheating on ones taxes and making errors.. so get a freaking reality check.

Yeah there is a difference..........when Democrats cheat on their taxes..... you libtards elect them........when We the People do it.....men with guns are dispatched to our doors.

And it DOES ****ING MATTER. How on earth can you with a straight face call out any democrat for tax problems when the main stream GOP hacks live of the state and pay next to no taxes themselves?

So Poor People vote Republican now huh?

Have you looked at Romneys companies and see where they are registered and pay taxes? Have you looked at Backmans "farm subsidies" she and her family receive? Have you looked at the tax, or lack of such, that Huckabee has paid? How about how the Koch brothers have been sucking on the federal tit for decades, gaining tax breaks, funding and what not, all in a while being registered overseas to avoid taxes? Where is your outrage over that.. that cost the US taxpayer, you.. unless you part of the 40% that dont pay taxes... BILLIONS every year.

Is this where you justify 100 years of Democrat tax cheats?

That is the GOP.. they have been the leaders of the hypocrisy movement ever since they embraced the radical religious right.

Are you even sure he could if he wanted too? The IRS would most likely just refund him in a year for paying too much in taxes...

No the IRS accepts donations.........even from greedy hypocritical multi-millionaire piles of Kenyan excrement.
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Simon W. Moon · Apr 24, 2011

upsideguy said:
If you think your effective federal income tax rate is 35%, then you do not understand the difference. It is impossible to have a 35% effective federal income tax rate as 35% is the maximum marginal rate. Given that not all income is taxed federally (because of exemptions, deductions and credits, which apply to every tax payer) and the 35% rate does not kick in until the first $350,000 (of taxable income) was taxed at lower rates, it is not possible to have a 35% effective rate (which is total income tax paid / total income). Again, read up than return the battle when you have reasonable armament.

Income tax in the United States - Wikipedia, the free encyclopedia

I agree that effective tax rates of ALL taxes, including real estate, sales, excise, employment and state and local taxes can approach 35% in certain instances, but in most cases it is also in the 25-30% range.

If you are comparing Obama's 26% effective rate on federal income taxes to your all-in tax situation than you are comparing apples to locomotives.....

apdst said:
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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Spaceman_Spiff · Apr 24, 2011

apdst said:
I'm not disputing how the tax code works. Are you yet another Liberal that is totally missing the ****ing point?

I understand the point you are trying to make. Since I understand how our tax codes work, I know that almost every American will not pay the exact amount in income as their marginal tax rate. Thus, I don't really care too much.

For fun, let's do a math problem. Say Family A files a joint tax return showing a combined income of $85,000. If the tax brackets are the following:

Code:

Taxable Income                          Tax Rate
$0-$16,750                              10%
$16,750-$68,000                         15%
$68,000-$137,300                        25%
$137,300-$209,250                       28%
$209,250-$373,650                       33%
$373,650+                               35%

How much will Family A owe in federal income, excluding deductions? All it takes is a addition and multiplication, so you should be more than capable of finding the answer.

With that said, I can't wait to Congressman Ryan's income tax return.

UtahBill · Apr 24, 2011

Badmutha said:
Yeah there is a difference..........when Democrats cheat on their taxes..... you libtards elect them........when We the People do it.....men with guns are dispatched to our doors.

So Poor People vote Republican now huh?

Is this where you justify 100 years of Democrat tax cheats?

No the IRS accepts donations.........even from greedy hypocritical multi-millionaire piles of Kenyan excrement.
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STUPID poor people do vote republican.....especially in rural areas. That has been established. Poor people in cities are more likely to vote democrat.
The only excrement I smell is coming from your posts. Take a laxative, for your own sake if not for the sake of those who have to live and work with you.

upsideguy · Apr 24, 2011

JohnWOlin said:
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.

He did pay at the top rate..... I think there are a great many people here arguing how unfair our income tax system is, yet really do not have a clue how it works. Again, one needs to understand the difference between marginal rate (the rate at which the last dollar of income is taxed) and effective rate (the ratio of total tax paid to income). It is not possible, under the current tax code to have a 35% effective federal income tax rate.

sazerac · Apr 24, 2011

So the president runs the country and we send him a bill for it? Racism much?

Amazed · Apr 24, 2011

(smile) Rangel is a convicted Tax cheat.

apdst · Apr 24, 2011

As I stated, so would I. But unlike Romney and the other GOP hypocrites, he does not hide his wealth in off shore corporations and what not.

And you can prove both of those contentions, yes?

Actually yes. Any and all proposals coming form the GOP has one goal.. to make the "working class" pay relatively more than the "rich".

What are you smoking? Who was it that allowed a payroll tax cut expire last year? The Democrats.

It's quite obvious that you're not from here and don't have the first damn clue about what really goes on in this country.

So in other words, never. Hypocrite.

Better than being stupid, I reckon.

Wiseone · Apr 24, 2011

apdst said:
And you can prove both of those contentions, yes?

How are you going to ask for proof when you don't provide it for your own statements? Double standards, shame on you.

apdst · Apr 24, 2011

Wiseone said:
How are you going to ask for proof when you don't provide it for your own statements? Double standards, shame on you.

What have I failed to prove? Are you saying that Obama didn't only pay a tax rate of 26%?

PeteEU · Apr 25, 2011

apdst said:
And you can prove both of those contentions, yes?

Prove that the GOP are hypocrites and Romney does not exploit tax loopholes for his business? Google it. Start with the GOP front runners.. people like Sarah Palin, Huckabee and so on. Plenty of evidence of their hypocrisy. And it is a well known fact that Romney got rich due in large part to off-shore tax havens.

What are you smoking? Who was it that allowed a payroll tax cut expire last year? The Democrats.

So what.. payroll taxes are nothing compared to the disaster of the GOP economic policy the last decade plus. Who cares about payroll taxes when there are no jobs. Typical of you right wing hacks, only thinking about taxes taxes taxes... you do know there are other things in life right? And considering the deficit you guys got... taxes should be going UP!

And yet the rich get richer and richer. Dow is almost at record highs again!

It's quite obvious that you're not from here and don't have the first damn clue about what really goes on in this country.

Actually it is quite obvious that you have lost this debate and are now resorting to personal attacks and twisting the facts. Funny how you were no where when Sarah Palin got busted for "tax evasion" not long ago..

cpwill · Apr 25, 2011

apdst said:
What have I failed to prove? Are you saying that Obama didn't only pay a tax rate of 26%?

huh. i guess he does think he needs a tax cut.

cpwill · Apr 25, 2011

PeteEU said:
Prove that the GOP are hypocrites and Romney does not exploit tax loopholes for his business? Google it. Start with the GOP front runners.. people like Sarah Palin, Huckabee and so on. Plenty of evidence of their hypocrisy. And it is a well known fact that Romney got rich due in large part to off-shore tax havens.

of course they will - people will seek out ways to minimize their tax exposure becayse they have strong incentives to do so. thats one of the reasons why raising taxes won't increase revenue.

the 2012 House Budget, of course, strips all of these loopholes, and forces people to actually pay lower, flatter, but revenue equal rates.

PeteEU · Apr 25, 2011

cpwill said:
of course they will - people will seek out ways to minimize their tax exposure becayse they have strong incentives to do so.

Yes, but you forgot... people with money will seek out ways to minimize their tax exposure... normal Americans dont have that luxury.

thats one of the reasons why raising taxes won't increase revenue.

No that is false. Raising taxes WILL increase revenue. Problem is the US tax code is filled with loop holes put in place on behave of the rich and big business, so that these can avoid paying taxes.

the 2012 House Budget, of course, strips all of these loopholes, and forces people to actually pay lower, flatter, but revenue equal rates.

The Ryan budget right? Stripping loopholes is commendable... the rest of the House Budget on the other hand is so pro big business and the rich that it is not even funny.

Obama only paid a 26% income tax rate for 2010

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