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pnwmom

(108,955 posts)
Tue May 2, 2017, 06:02 AM May 2017

Every one of Obama's budgets called for higher taxes on the rich.

So now that he's a member of the 1%, he can thank himself for the higher tax rate he'll be paying (unless DT succeeds in rolling it back.) Since most of his income is ordinary income, he'll probably be paying more than 40% in taxes.

http://money.cnn.com/2015/01/30/pf/taxes/obama-taxes-rich/

Calling for higher taxes on the rich has been a feature of every one of Obama's budgets since 2009. Remember the Buffett Rule? That would have imposed a minimum 30% effective federal tax rate on the very wealthy.

That one and most others didn't get very far, but that doesn't mean Obama's push hasn't been effective.

Under Obama, the average federal tax rate paid by the top 1% of households has gone up more than 6 percentage points to an estimated 33.8% today, according to the Tax Policy Center.

That's largely due to the following tax hikes that were part of the Affordable Care Act and the bipartisan fiscal cliff deal at the start of 2013:

SNIP

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