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You'll please note that the Obama's gave 22% of their income to 39 different charities, with the bulk of that being the entire proceeds from his book "Of Thee I Sing" to a scholarship fund for the children of fallen or disabled soldiers ($117,130.)
Yet, in spite of that, they still paid 20.5% of their income in federal taxes.
Does that say that he paid much less in federal income taxes than Romney or that he paid vastly more?
You'll please note that the Obama's gave 22% of their income to 39 different charities, with the bulk of that being the entire proceeds from his book "Of Thee I Sing" to a scholarship fund for the children of fallen or disabled soldiers ($117,130.)
Yet, in spite of that, they still paid 20.5% of their income in federal taxes.
It's indicative of a wealthy guy with zero faith in the equity market. It's possible he owns stocks that don't pay dividends. Or maybe he invested it in a tax-deferred IRA like Romney. You know, the ones that have a $5000 annual limit.
It also shows he has zero faith in long-term Treasury bills. Maybe he knows something......
Reading the comparison of Obama's and Romney's 2011 returns, it wasn't Romney's numbers that jumped out at me.
Obama, with wealth estimated upwards of $10 million, reported $3.00 in dividends. That is not a typo - $3.00.
His interest income was only ~$10,000. On a $10 million portfolio.
First, it indicates he has zero faith in the equity market.
Second, it's a damning condemnation of the economy and his financial acumen when a guy worth $10 million can only get 10 basis points annually. It's clear he surrounds himself with crappy financial advisors personally and professionally.
In other news, Romney is still rich.
You people who are struggling remember this: a guy worth $10 million who can't manage his own money sure cant manage ours.
So, Obama is worth $10,000,000 and he doesn't really care about amassing millions more.
What does it say about you that you consider that a character flaw?
President Obama knows that he and his family have all they'll ever need. He undoubtedly knows that, for the rest of his life, he can write a book and make a few million any time he wants. He can command five- to six-figure speaking fees, post-Presidency.
And apparently he doesn't think he needs six mansions, each equipped with a car elevator...
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