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Today, the President released his 2015 federal income tax returns. The President and the First Lady filed their income tax returns jointly and reported adjusted gross income of $436,065. The Obamas paid $81,472 in total tax. The President’s effective federal income tax rate is 18.7 percent.
The Obamas also contributed over $60K to various charities.
But wait....
Quote:
The Vice President and Dr. Jill Biden also released their 2015 federal income tax returns, as well as state income tax returns for both Delaware and Virginia.
The Bidens filed joint federal and combined Delaware income tax returns. Dr. Biden filed a separate non-resident Virginia tax return.
Together, they reported adjusted gross income of $392,233.
The Bidens paid $91,546 in total federal tax for 2015, amounting to an effective tax rate of 23.3%. They also paid $13,729 in Delaware income tax and Dr. Biden paid $3,882 in Virginia income tax. The Bidens contributed $6,620 to charity in 2015.
Well, the Obama's had more in itemized deductions it would appear (just in charity alone). They most likely had other things to itemize that the Biden's didn't). The Obama's also have two dependents. And like another poster said, the Biden's probably have more investment income.
You don't even care if Trump has ever paid a dime of taxes, but you're trying to convince us to worry about what Obama pays?
When you lose money in investments, as Trump did, as a sibling of mine did and as I did....you get to write those losses off, depending on the amount for YEARS and not have to pay Fed taxes.
It's the way it works.
Do you have a problem with it?
Then do something about it.
Obama's effective Fed tax rate, after his adjusted gross (which means he also takes advantage of what he can take advantage of) is almost 20% LESS than mine. And mine, which starts with a 3, is just Federal.
I wonder what tax loophole they used to get past the AMT... they make too much for itemized deductions to really matter...
In the link to the story there is a link to their tax forms. They paid AMT. Their taxes are 45 pages long! Ugh! I won't complain about mine anymore (I had dividend income to claim from stock and I thought that was a pain to figure out).
Obama's had $145k in itemized deductions (plus two kids)
Biden's had $55k in itemized deductions
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