Obamas paid nearly $454,000 in taxes on $1.7M income

[RamboLiberal]

Source: USA Today

Today, the president released his 2010 federal income and gift tax returns. He and the first lady filed their income tax return jointly and reported an adjusted gross income of $1,728,096.

The vast majority of the family's income is the proceeds from the sale of the president's books. The Obamas paid $453,770 in total federal tax.

The president and first lady also reported donating $245,075 -- or about 14.2% of their adjusted gross income -- to 36 different charities.

The largest reported gift to charity was a $131,075 contribution to the Fisher House Foundation. The president is donating the after-tax proceeds from his children's book to a Fisher House scholarship fund for children of fallen and disabled soldiers.



Read more: http://content.usatoday.com/communities/theoval/post/2011/04/obamas-income-17m-tax-bill-453770/1

[Progress_LocalGlobal]

1. TAX THE RICH

Especially politicians!

[Alexander]

2. Well, that's better than zero...

Which is what GE paid.

[SkyDaddy7]

3. I really like the charity Michelle & President Obama donated most to! nt.

[Corruption Winz]

4. Nice to see the charity work.

Here's hoping that Mr. President can live off the remaining $1,274,320.

Guys gotta eat.

[KoKo]

8. Sadly it's a lot of "juicy burgers..and hot dog."

I'm sure there are other "Perks"...but most of us eat "low on the hog or cow" and we get what we have to where we eat. At a $1.99 a Meal for our daily calorie and salt...it seems Mickey D's and the rest are fulfilling the Night Shift and Work All Day Crowd's calorie, protein requirments.

We shouldn't complain. WE, Here in America have a Higher Diet to Sustain us than most of the Rest of the coming Industrial World...who survive on rice and a few beans thrown in. :-(

[KoKo]

5. I'd REALLY like to see Clinton's Tax Statements along with the Chimp's.

Because there's lots of speaking engagements where they both pull in MEGA BUCKS. Obama will be able to do this in the future..but..we need to have OPEN RECORDS of all of this.

Because the "rest of us out here" aren't going to be getting any "Speaking Gigs" anywhere out there in the USA to listen to what WE have to SAY about all that's gone down.

but...hey...that's just my complaint...I'm sure it isn't universal here on DU...by any means.

[AllTooEasy]

7. Chimp's?

[lutefisk]

10. You know- the Chimperor

Chimp

Chimperor

Chimpolini

Chimposter

Chimpy

Chimpy McCokespoon

Chimpy McFlightsuit

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=105x4992358

[KoKo]

12. Bush II was known as "Chimpy Mc Smirkster" because he was an Ass of a Human Being....

So, just go with that characterization if you are NEW to DU...because that's what he's called in DU History.

We DU Legacy Folks...Never FORGET!

[Dem_in_Nebr.]

18. And that's an insult to . . .

Chimps and Asses everywhere!! ;-)

[KoKo]

19. lol's..yes..he definitely was an insult to the best of our animal kingdom..true that.

[AllTooEasy]

6. Repukes wonder how anyone can survive on $1.27 million

[KoKo]

9. It must take much work ...finding the "proper" Tax Accountant......

and asking him or her to do the PROPER DEDUCTIONS so that the MSM doesn't get ahold of it all and release it to the "masses." It takes MUCH WORK.. But, it has to be done.

[JI7]

11. i think a lot of stupid people look at the amount paid

it seems like a lot to them because they make so little . so when they see anyone paying that much they think it's unfair. but look at how much eh has left.

inf act these people could even pay half or even more than half of what they make and they would still be very well off.

even if you paid 90 percent of that to taxes you would still be left with over 150thousand dollars. it may not be a million but it's a good amoutn and way more than a large majority of americans make.

[KoKo]

13. Maybe...but that truly is...a big amount of money that neither You, Nor I, will ever see

in our own pockets.

[JI7]

14. yeah, and that's why people who make that much should pay a higher percentage

than the rest of us.

[KoKo]

22. Sad thing is though...when you make that MUCH...you worry it will be stolen...you get paranoid

and think about "who" is going to steal your place in the Hamptons, your NYC Pad that you paid Millions for...and you get angry and angrier about how hard you've worked and how much you give to Charity (that you can deduct) ...but the money is NEVER ENOUGH...You are scared the "GUBBMINT" is going to take it all away...and you might end up living in a Trailer Park...

This kind of fear seems to OBSESS the Rich and Famous! It does...and they never look "below them" once they are a the "Top of the Ladder."

Maybe I would become that if I made that kind of money. Maybe I would become paranoid about someone taking all I earned to give it to "Welfare Queens in Beemers riding around."

I have to hope I have better morals and integrity than THEY DO...but then, I don't walk in their Cole-Haan Shoes...or whatever other high priced crap brands they love to show off to each other "up there on the high ladder rung." :-(

[JI7]

26. nope, if they are paranoid it's because they stole the money to buy the place in hamptons

and whatever the fuck else they get to show off their wealth.

[Kip Humphrey]

15. 26.26% effective tax rate. Hmm... mine was higher on a lot less income. Was your's?s

But then, I couldn't afford all those charitable contributions just like I can't afford the ginormous healthcare insurance premiums for coverage given both myself and my wife have pre-existing conditions.

[KoKo]

20. If we are "smart...according to them" ...we'd put our puny earning in Cayman Islands

and we'd need a savvy "high powered" investment advisor to give us the best alternatives to the Caymans.. If we had that big stash of money...IF!

:-(

[snooper2]

29. A lot higher?

Can you share some numbers?

Mine was at 22% if I remember correctly...don't have it in front of me

[Kip Humphrey]

31. mine was

27.94%

[24601]

30. Presidents do not pay health care premiums. Their care is fully

provided by the military. Presidential family members do not pay for health care.

Soldiers, sailors, airmen & marines on active duty do not pay and their care is space required. Military family members are space available and if they must go TRICARE, they will have payments.

Senators, Representatives, Justices & Judges pay. We lessor (civil) servants pay.

[mainer]

33. No, their taxable income (line 43) is 1.34 million.

making their tax rate around 35%.

[Bluenorthwest]

16. I wish we were allowed to file jointly.

Not 'Sanctified' by God, according to the President and his wife, you see. It would be all the difference the last couple of years, but no, we have to sacrifice to other people's faith.
God is in the mix, say the straights as they shake us down for extra money. A hard day this year. A hard day.

[KoKo]

24. I wouldn't blame those who file "jointly" or the "straights" on this one..though.

There are inequities...but "pitting us against one another" is the way they make their money. Yes, tax code needs to be revised. But OMG...I wouldn't trust THIS CROWD of DEMS OR REPUGS to do anything FAIR! Would YOU? They can't even prosecute the Banksters who've diven the Politicians to do what they've done to us in the last MELTDOWN...!

We are ALL in this together...the single, the married, those who don't yet have ability to "file jointly" because of life partner choices and all those of us who are on the edge of one or the other. THEY PIT US AGAINST EACH OTHER...fighting for the LEFT OVERS! :-( In the meantime we fight over whether Donal Trump, Sara Palin or Michelle Bachman or some other BogeyMan/Woman will be running agains Obama! It's a FARCE! All to turn us against solving our REAL PROBLEMS! IMHO...

[muntrv]

17. Teabaggers: "$1,728,096? That's below the poverty line!"

[stockholmer]

21. many of the hapless Koch-led faux teabaggers won't make $1,728,096 in their entire lives

[KoKo]

23. Sad thing is ...that the "Pollsters Say"...Most Americans think they will be worth Millions

..and that's why they are against "Death Taxes" and "Taxation on those over $250,000."

Pollsters say..."Most Americans oppose High Taxes, Inheritance Taxes, etc." because they feel they need to be "FREE" to make their "EVENTUAL" Millions or Billions."

Apparently TEEVEE SHOWS have told them "WE ALL CAN BE MILLIONAIRES" if we just spend some money to Educate ourselves by sending in money to "Infotainment GuRu's" who are on there telling us how to MAKE MONEY AND MAKE IT BIG! (Remember that guy telling us how to FLIP HOUSES...to MAKE IT BIG...back in 2004-06? Remember HGTV showing us how to DECORATE OUR HOUSE to BETTER FLIP IT?

I DO! :-( Glad I didn't get suckered....but I saw too many that did..and it SUCKS!

[alp227]

25. interesting, but the rate seems a bit peculiar calculated several ways.

The top tax rate now (since the previous presidential administration) is 35%. What the Obamas paid was about 26.7%. Without the tax-deductible donations, would've been 41.1%. Hmm.

BTW, why are you reading USA Today, where Teabaggers are dominating the comments sections?

[muriel_volestrangler]

27. After taking off the charitable donations, the effective rate is 30.6%

453,770/(1,728,096-245,075) = 0.306

Doesn't seem peculiar to me. If you look at the return, you also see deductions for mortgage interest, real estate taxes, and state/local taxes. Their taxable income ends up at $1,340,207; so the federal tax rate on that was 33.9%.

[No Elephants]

28. Most of his income is book royalties. I believe royalties are taxed differently from salary.

If his salary were 2 million a year, I think he would have owed less in taxes.

Besides, this is a tax return prepared with both re-election and certain public viewing in mind. I'm guessing his accountant did not treat it the same way as he would have any other return with annual income of $2 million.

[mainer]

32. They paid a marginal tax rate of %35. As required.

Their taxable income was 1.34 million. And they paid $466, 102 in taxes, making their tax rate %35. Which is what they should have paid.

I see nothing at all odd about this tax return.

By the way, book royalties are taxed as regular income.

[freshwest]

34. Setting a good example. If they can afford to pay their taxes, so can the rest. Suck it up, GE!