As we all still suffer the tax-time hangover, we are told in amazement that the Obamas’ tax liability on their $608,000 income was a mere 18.4 percent.
Call me a skeptic, but I can’t help but wonder how they whittled their taxable income down from their bracket of 43 percent all the way down by more than half! Since they live off the taxpayers, like royalty I might add, what could they possibly have to reduce their AGI by so much?
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I am anchor
Taxing questions
Posted
Dave Dean
As we all still suffer the tax-time hangover, we are told in amazement that the Obamas’ tax liability on their $608,000 income was a mere 18.4 percent.
Call me a skeptic, but I can’t help but wonder how they whittled their taxable income down from their bracket of 43 percent all the way down by more than half! Since they live off the taxpayers, like royalty I might add, what could they possibly have to reduce their AGI by so much?
Were they allowed to deduct Obama’s travel tour on Air Force One? Or perhaps deducting Michelle’s wardrobe, like her $800 tennis shoes or the $9,000 gown for her 10-second award giving spot, as “Work related expenses?”
Warren Buffet’s poor secretary, who earns only $250,000 per year, is stuck paying a 30 percent rate, even with her two homes, and Buffet (like Romney) pays now higher capital gains taxes on invested income, that was previously taxed at their high income tax rate when they earned it the first time, so as always with investments, taxed twice!
Remember, the now 100-year-old income tax, established in 1913, was also only supposed to “tax the rich” and a maximum rate of 6 percent...how far we have gone. No wonder they refuse the flat tax – they would be most affected.
With my illness last year, our income was literally cut in half, yet our tax rate increased by 5.2 percent. Being that we are far removed from the “tax the rich” category, and nothing else changed year/year, just who isn’t paying their fair share?
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