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Actually, I agree Obama should have paid more income taxes. But, then again, I'm a big, bad socialist.
As someone who knows something about taxes, i think Obama's rate seems a little low for someone whose source of income was mostly ordinary (and not capital or dividend) income. I suspect he made significant charitable contributions, which would have reduced his taxable income.
That is right, Obama should have paid more. He had to be pretty aggressive to bring his effective rate down to 18%
He made $150K charitable contribution. Vice President Biden and his wife Jill Biden made $385,072 in adjusted gross income. They contributed $7,190 to charity, or 1.9 percent of their income. The Bidens gave most of their contributions in cash, but contributed nearly $2,000 of the total amount in donated clothing, furniture and other items.
lets be honest, its not that americans dont pay enough, its that the government spends too much.
15% seems reasonable, but it does make him a hypocrite, just like anyone who suggests that its ok for Obama to pay 15%, but then attack others who pay the same rate
I agree. Government needs to spend less and stop squeezing the American people for higher taxes.
LOL! Romney said nothing about increasing the capital gains tax rate.
And?
Quote:
Originally Posted by jojajn
The good thing about the effective tax rate is it rewards people for donating to charity and allows for family expenses.
So now you also have no problem with government subsidizing donations, because thats essentially what it does.
If you give away $1,000, and write it off, it means the taxpayer is subsidizing whatever the effective tax rate on that donation would be, or $150 at 15%..
lets be honest, its not that americans dont pay enough, its that the government spends too much.
15% seems reasonable, but it does make him a hypocrite, just like anyone who suggests that its ok for Obama to pay 15%, but then attack others who pay the same rate
FYI, the Obamas paid 20.5% effective rate of income tax. Where do you come up with 15%?
Obama has a net worth of $11 million. He just released his 2012 federal income tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $608,611. The Obamas paid $112,214 in total tax.
Obama's effective federal income tax rate is 18.4%.
People like you whine that almost half the country pays no taxes, now you whine that Obama pays less than most of the country.
You oppose a 15% capital gains rate, but have no problem with Obama paying a 15% tax rate.. Hypocrite much?
Bull crap. If your makign $12 an hour you arent paying a dime, and more than likely getting a refund on money you didnt pay into it resulting in a NEGATIVE tax rate.
You clearly dont comprehend how most people who are wealthy, earn it by increasing wealth, not income, do you?
A single person making 12 hour with no children almost certainly would pay income taxes, assuming they worked full time year round. The only exception would be if they itemized and claimed approximately 20,000 in itemized deductions, which is highly unlikely for someone making only $12 an hour.
FYI, the Obamas paid 20.5% effective rate of income tax. Where do you come up with 15%?
I dont care if its 20, or 15, I havent criticized him as not paying enough.. I think 15% of peoples income should be sufficient.
Prior to around 1915, they got 0%, and somehow we managed to have roads, bridges, schools, a well funded military etc.
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Hypocrite much?
