WASHINGTON (Reuters) - President Barack Obama and his wife Michelle paid an effective federal tax rate of 20.5 percent on income of $789,674 in 2011, the White House said on Friday amid a debate over tax burdens that is likely to shape the November presidential election. Obama and his fellow Democrats have accused likely Republican presidential nominee Mitt Romney of backing policies that would shift the burden from wealthy taxpayers to the less affluent. Obama and Vice President Joe Biden have spent much of the week promoting a minimum 30 percent rate for millionaires, known as the "Buffett Rule," after billionaire financier Warren Buffett, who famously noted that he pays a lower tax rate than his secretary. Romney, who is worth up to $250 million, paid an effective tax rate of 13.9 percent in 2010. The Obamas earned about half of their income from his presidential salary of $400,000, while the remainder came from sales of Obama's books, the White House said. They donated $172,130, about 22 percent of their adjusted gross income, to 39 different charities, the White House said. The biggest beneficiary was the Fisher House Foundation, a scholarship fund for children of soldiers who have been killed or disabled, which received the after-tax proceeds from Obama's book sales - a total of $117,130. So the President, who made less than a million, paid a tax rate of 20.5% while Romney, who is a multimillionaire paid less than 14% in taxes. This is why we need the buffet rule.
Way to low on both accounts. I pay the same rate as Romney (scratch that, I pay a slightly higher rate), and I live paycheck to paycheck with 200 currently in my name, while he has a worth of over 200 million. Outrageous.
Your calculation forgot to include the corporate income tax Romney's investments paid, which is likely around 35 percent.
Two problems with that: 1) It VERY unlikely that it was around 35 percent. 2) We're talking about income tax here, not corporate taxes.
The capital gains tax rates apply to you just like they do to Romney. Who knows, perhaps one day you will appreciate that.
Which is why people like you are able to deceive so many. His money came from investments in companies that paid taxes. Those companies had to pay income taxes before they could give money to the investors. The corporate tax is paid on investments before those earnings can be distributed to the investors.
Wow. I must have been the only sucker to take the standard deduction and exemption in the entire USA when I was making 150+k/year. I might be foolish, but at least I am not a HYPOCRITE.
I'm confused by the play on words. It says how much Obama made, but it doesn't say anything about Romney's salary, just his net worth, which are two different things. The spin...
Simple math, wezol. Multiply 0.14 by Romneys income and 0.209 by 789,684. My suspicion is that Romney's absolute tax will be MUCH HIGHER. That being said, what kind of terd actually deducts charitable donations? If you NEED the money, don't donate. If you don't need the money, donate and don't try to recoup your losses by screwing the IRS.
Corporate taxes are different than income taxes......it's one of the hipocracies of corporate personhood. They pay less in taxes thanks to loop holes and tax breaks that Most people have no access to.
