President Obama’s is using his own tax return to demonstrate what is wrong with the system. The president is also calling for taxes to be raised on the wealthy.
The White House used the release of the President and First Lady’s tax returns to call for higher taxes on the wealthy,
Today, the President 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.
The President and First Lady also reported donating $150,034 – or about 24.6 percent of their adjusted gross income – to 33 different charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation.
The President’s effective federal income tax rate is 18.4 percent. The President believes we must reform our tax system which is why he has proposed policies like the Buffett Rule that would ask the wealthiest Americans to pay their fair share while protecting families making under $250,000 from seeing their taxes go up. Under the President’s own tax proposals, including limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it.
The president’s own tax return demonstrates that the wealthy could and should be contributing more. The federal tax system is tilted so heavily towards the wealthy that President and First Lady Obama only paid a 7% higher rate than most middle class families. To his credit, the president isn’t another millionaire in the White House trying to pretend like he is a regular guy by posing for photo-ops of himself cutting brush.
President Obama has been a warrior for tax fairness. He is so committed to the cause that he is willing to hold himself up as an example of what is wrong with the system. The president’s honesty and commitment to a more equitable tax system should be beyond question.
The Obama White House has done something historic. They have taken the populism of the tax issue away from the Republican Party. Obama owns the tax issue now, and his ability to shift the national discussion on taxes remains an important part of his presidency.
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KEVIN HURST
Apr. 12th, 2013 at 4:33 pm
This man is using his own taxes to prove the point of the need to raise taxes for the wealthy , how many of the rest of congress are willing to be this transparent… GREATEST PRESIDENT EVER .
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Erika
Apr. 12th, 2013 at 6:26 pm
Hey Kevin…This is America! if you like socialism and redistribution move to Cuba!!
Successful people should not be punished for being successful, they already pay their fare share paying more taxes than the unsuccesful.
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Shiva
Apr. 12th, 2013 at 6:28 pm
Its obvious you like the redistribution of wealth thats gone to the 1%. We have been paying social wealfare for the 1% for years now.
As far as the socialism bit goes, you are just saying that becuase you have no idea how much socialism you live with every day.
You should hate America by now.
Successful people should pay a higher percent of taxes then the poor
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djchefron(Moderator)
Apr. 12th, 2013 at 7:08 pm
Do you take a deduction for your mortgage?
Do you pay property taxes to fund schools even if you have no kids in school?
Do you pay unemployment insurance?
Do you drive on highways?
Do you go to the public library?
Have you ever receive a polio vaccine?
I know you like to go to museums
And dont you and your significant other enjoy walks in the park
Last but not least I know you like those street lights on at night
Guess what?Welcome to the club COMRADE
http://www.youtube.com/watch?v=dcXNXKtu8z4
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Shiva
Apr. 12th, 2013 at 7:24 pm
Does she support the military? SOCIALIST PIG!!!!!!!!!!!!
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djchefron(Moderator)
Apr. 12th, 2013 at 8:32 pm
This shows how not thinking and listening to the Kochs and Limbaugh who BTW are the biggest socialists and I mean in limbaugh’s case literally don’t even know how much socialism the United States has.Hell this country couldn’t survive without socialism.I wish the next time Erika hops on that scooter and go wave the flag at the next teabag rally she would thank the good old socialist government for providing the means of her transportation
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Teresa
Apr. 12th, 2013 at 7:55 pm
Actually…Taxes on the wealthy have NEVER been lower. Check out the tax rates paid by patriotic Americans after the Great Depression! When our COUNTRY needed to rebuild the economy, much like the situation that exists today, the wealthiest Americans (and there were FAR FEWER of them) paid MUCH higher rates than the poor. They didn’t hide their money offshore or find loopholes to get out of supporting the very country that gave them the opportunity to become so successful! That was what our capitalist economy required then and it is what is needed now.
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Lumpy
Apr. 12th, 2013 at 4:39 pm
Why doesn’t he voluntarily pay more to his corrupt government? Current law allows it. He should stop being such a huge hypocrite and pay what he thinks he should.
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jon
Apr. 12th, 2013 at 8:22 pm
Obama did pay the federal government 20k back. What has Republican congress paid back? 0.
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djchefron(Moderator)
Apr. 12th, 2013 at 4:45 pm
Damn Mr.President why did you have to do this on a Friday night.Don’t you] know the loons are going to come and spew such nonsense such as (he could check the box if he wants to pay more” and “of course he could say that he is always on vacation” I know it doesn’t make any sense but everything has to do with vacations.
So I know you loons have your talking points sent to your mailboxes all I ask is please,be creative.Do it for the babies.Thank You
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Shiva
Apr. 12th, 2013 at 5:01 pm
The Republicans like to brag that the Republicans give the most to charity.
I wonder how many of them give 24% of their salary to charity?
I wonder how many of them pay the same percent as a middle-class person?
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Charlie F
Apr. 12th, 2013 at 5:07 pm
The Obama’s showed they support those who served our country by contributing over $100,000 to the Fisher House Foundation.
The Fisher House Foundation provides free or low cost lodging to veterans and military families receiving medical treatment.
http://www.fisherhouse.org/
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Good Grief
Apr. 12th, 2013 at 5:14 pm
You know…he didn’t have to take all those deductions….
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djchefron(Moderator)
Apr. 12th, 2013 at 5:28 pm
You know, although the saying that we use only 10% of our brain is false for you I would have to make an exception
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Shiva
Apr. 12th, 2013 at 5:29 pm
LOL!
He didnt have to give 24% of his income to charity either.
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Matt S.
Apr. 15th, 2013 at 1:58 pm
Funny math… so yes, their rate was low, but they gave 25% to charity to get the rate that low. the whole basis of your argument is completely flawed.
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