Obama releases tax return in challenge to Romney

[NNN0LHI]

http://www.khaleejtimes.com/DisplayArticle08.asp?xfile=data/international/2012/April/international_April380.xml&section=international

(AFP)

13 April 2012

WASHINGTON - US President Barack Obama Friday released his tax return, showing he earned nearly $800,000 last year, leveraging the annual rite to launch a new attack on his wealthy Republican foe Mitt Romney.

Obama, and Vice President Joe Biden, cranking up their campaign for a second term ahead of November’s election, have now made their tax returns public for each year going back to 2000.

They complain that Romney, a multi-millionaire venture capitalist they are trying to portray as oblivious to the economic struggles of middle class American families, has not done the same.

“Governor Romney has yet to provide tax returns from the period in which he made hundreds of millions as a corporate buyout specialist, or as governor of Massachusetts, the experience he says qualifies him to be president,” said Jim Messina, Obama’s campaign manager.

[Proud Public Servant]

1. Biden's has me scratching my head

The Bidens' adjusted gross income puts them at the high end of the 33% tax bracket. Our family's income puts us at the low end of the 28% tax bracket.

The Bidens' effective tax rate is 23%. Our effective tax rate was 11.5%.

Our tax code really is screwy.

[HIMYM]

2. President Obama's secretary paid higher tax rate!

http://abcnews.go.com/blogs/politics/2012/04/president-obamas-secretary-paid-higher-tax-rate-than-he-did/

[emulatorloo]

3. Yes, that is why Obama is arguing for Congress to pass the Buffett Rule.

Better named the "Reagan Rule," because even Reagan felt that wealthier people should pay a higher rate than people who aren't wealthy

[HIMYM]

4. I agree!

sry I didnt make that more clear. Im in a rush today.

[emulatorloo]

5. I know how that goes!

Hope you get everything done!

See also this thread:

Obama donated 100% of his after-tax book proceeds to the Fisher House Foundation
http://www.democraticunderground.com/1002558677

[Proud Public Servant]

6. I won't go so far as to say I don't believe this, but

it surprises me. I've never heard somebody (or experienced myself) making five figures -- even high five figures -- and having an effective tax rate of more than 20%. As I said above, my wife and I are in the same tax bracket as Obama's secretary, and our effective tax rate is only 11-12%. Nothing unusual about our tax situation either. In fact, just for kicks, I just re-calculated our taxes using the standard deduction rather than our itemized deductions, and our effective tax rate would still have been only 16%; take away the exception for my kid on top of that, and it's still only 17%. I really wonder about the math behind this claim.