Would it surprise you to learn that Mr. Obama, the champion of taxing those evil rich people who make more than $200k for single filers, $250k joint filing, doesn’t lead by example?
The president and his wife, Michelle Obama, on Monday reported an adjusted gross income of $1,728,096 for 2010, down from $5.5 million in 2009. Most of their income came from sales of his books “Dreams From My Father” and “The Audacity of Hope.” The Obamas paid $453,770 in federal taxes, for an effective tax rate of just over 26 percent; the top individual tax rate is 35 percent.
The federal tax rate in 2000 for the top earners was 39.6%, and 2001 was 39.1%. 2002 was 38.6%, which is what Obama wants to roll the rates back to, though most on the $200/$250 tax bracket was 35%. Yet, he didn’t even pay that. Apparently, he takes advantage of all those evil tax deductions. I guess he doesn’t want to pay his “fair share.”
I will give him props for his charitable donations, though. $245k, much going to charities for the military families of those wounded or killed. Kudos, President Obama!