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April 15 (Bloomberg) -- President Barack Obama and his wife, Michelle, had $5.6 million in total income last year and paid $1.8 million in federal income taxes.
The Obamas’ taxable income was $5 million after deductions, according to a copy of their 2009 tax form released by the White House today, the deadline for filing tax returns. The Obamas paid 32 percent of their total income in federal taxes and were in the top 35 percent tax bracket.
Obama’s tax bill would have been about $180,000 higher this year if a 3.8 percent Medicare tax he backed to help pay for an overhaul of the health care system were in effect. That levy doesn’t begin until 2013. Obama also advocates letting the tax rate for Americans earning more than $250,000 increase next year to a top rate of 39.6 percent, which would have raised his tax bill by about $220,000. Congress hasn’t begun debating whether to allow the tax increase.
The president didn’t claim as income any of the $1.4 million awarded with the Nobel Peace Prize he won last year, taking advantage of a tax law provision that allows such awards to be transferred directly to charity. By doing so, Obama also doesn’t get a deduction for the donation.
April 15 (Bloomberg) -- President Barack Obama and his wife, Michelle, had $5.6 million in total income last year and paid $1.8 million in federal income taxes.
The Obamas’ taxable income was $5 million after deductions, according to a copy of their 2009 tax form released by the White House today, the deadline for filing tax returns. The Obamas paid 32 percent of their total income in federal taxes and were in the top 35 percent tax bracket.
Obama’s tax bill would have been about $180,000 higher this year if a 3.8 percent Medicare tax he backed to help pay for an overhaul of the health care system were in effect. That levy doesn’t begin until 2013. Obama also advocates letting the tax rate for Americans earning more than $250,000 increase next year to a top rate of 39.6 percent, which would have raised his tax bill by about $220,000. Congress hasn’t begun debating whether to allow the tax increase.
The president didn’t claim as income any of the $1.4 million awarded with the Nobel Peace Prize he won last year, taking advantage of a tax law provision that allows such awards to be transferred directly to charity. By doing so, Obama also doesn’t get a deduction for the donation.
Wow, Patrick Henry, Thomas Jefferson, Ben Franklin, Paul Revere, John Hancock and George Washington should have just shut up and paid their taxes. Those dumb old Patriots.
Wow, Patrick Henry, Thomas Jefferson, Ben Franklin, Paul Revere, John Hancock and George Washington should have just shut up and paid their taxes. Those dumb old Patriots.
Oh did I miss that page in history where they voted to increase taxes for a project deemed necessary, then turned tail marching around in circles vilifying the very establishment THEY WERE claiming themselves victims of the legislation they sponsored? Seems many citizens in america missed that page right along with me. Sure it exists?
Wow, Patrick Henry, Thomas Jefferson, Ben Franklin, Paul Revere, John Hancock and George Washington should have just shut up and paid their taxes. Those dumb old Patriots.
No taxation without Representation, right?
Seems like I remember voting a few years ago, and a vote coming up this November.
Guess we got our representation.
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