Obama's tax rate - 18%

[Hutch]

I'd love to see the names of the 33 charities he donated to.  Oh, and Joe donated just over 7 grand to charity, and over 2k of that was household discards.  And yet they have the unmitigated gall to lecture us about spreading the wealth, and shared sacrifice.

Oh, I forgot to mention, remember that 7k Joe donated?  He got over 26k from the Secret Service in rent on a cottage he owns.

I long for a return to tar and feathers.

[Fitz]

I have seen this all over Facebook today, And I have yet to see a credible source

[Jamisjockey]

I have seen this all over Facebook today, And I have yet to see a credible source

His taxes were posted recently, as well as on the nooz.  It's accurate and credible.

The ludicrous thing is that he will use it as a "tax the rich!" argument, while his cronies in congress make sure that they all have loopholes to surf through. 

[dm1333]

http://online.wsj.com/article/SB10001424127887324240804578418842282798284.html

President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday.

 



http://washingtonexaminer.com/obama-we-raised-taxes-but-the-rich-still-arent-paying-their-fair-share/article/2517443

“Obviously, there is still more to do when it comes to reducing our debt,” Obama said in the video. “And I’m willing to do more, as long as we do it in a balanced way that doesn’t put all the burden on seniors or students or middle class families, but also asks the wealthiest Americans to contribute and pay their fair share.”

    

[dm1333]

http://foxnewsinsider.com/2013/04/12/neil-cavuto-president-obamas-2012-tax-return-looks-a-lot-like-the-ones-from-mitt-romney-that-he-criticized/

Neil Cavuto has some interesting stuff to say about this. 

[kgbsquirrel]

President Barack Obama and First Lady Michelle Obama paid $112,214 in federal income taxes in 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said Friday.

KGBSquirrel paid $5,300 in 2012 on adjusted gross income of $20,000, an effective rate of 26.5%, H&R Block said Friday.

[Blakenzy]

Oh, it's that time of the year again, when all men must pullout their checkbooks and repurchase their privilege of "freedom"  .

[BobR]

I guess I am one of the slackers. The occupants of Casa Bob had an effective tax rate of 12.7% this year, up from the appx 10-11% from the last few years. It will probably go down again next year. I just got a "promotion", but my pay will be less. No longer will I make the lucrative night and weekend differential, or work anymore holidays.

bob

[Hutch]

KGBSquirrel paid $5,300 in 2012 on adjusted gross income of $20,000, an effective rate of 26.5%, H&R Block said Friday.

Okay, so... How?  How does BHO even face himself in the mirror, much less lecture US about "fairness"?  A better question:  How can he continue to appeal to the poor, the disadvantaged, the "47%"?  How does he get a pass in the media about this?

[Monkeyleg]

Okay, so... How?  How does BHO even face himself in the mirror, much less lecture US about "fairness"?  A better question:  How can he continue to appeal to the poor, the disadvantaged, the "47%"?  How does he get a pass in the media about this?

Are you expecting this to get GW-level coverage? Seen any pigs flying by your house?

As for Obama using this rate against Romney, that's politics. Dirty politics, but politics. Romney's camp should have had ready replies to attacks like that.

[slingshot]

BHO will use his personal tax rate as leverage for his fair taxing proposals.  It is as simple as that.

[Northwoods]

KGBSquirrel paid $5,300 in 2012 on adjusted gross income of $20,000, an effective rate of 26.5%, H&R Block said Friday.

You're getting *expletive deleted*ed by H&R Block.  Try a real accountant, or at least Turbo-Tax.

[Azrael256]

You're getting *expletive deleted*ed by H&R Block.  Try a real accountant, or at least Turbo-Tax.

Yeah, kinda wondering how you managed to pay about a bracket and a half too much there.  20k should top out at 15%.  Like, marginal top-out, not average.

[kgbsquirrel]

An unenviable confluence of events, single, no dependents, etc. Don't much want to talk about it beyond stating that for the first 9 years of my working life I always managed to claim a refund, and in these two last years they've decided that I owe more.

Also, full disclosure, I included FICA/SS/Protection in the taxes I paid. If I tallied all the taxes I pay through-out the year, from gasoline to various excise taxes, I wouldn't be surprised to see it topping 40%.

[Ben]

Also, full disclosure, I included FICA/SS/Protection in the taxes I paid. If I tallied all the taxes I pay through-out the year, from gasoline to various excise taxes, I wouldn't be surprised to see it topping 40%.

When we add up our taxes, we SHOULD be including all that stuff. Maybe more people would get a clue if they had their full tax burden staring them in the face.

[Tallpine]

An unenviable confluence of events, single, no dependents, etc. Don't much want to talk about it beyond stating that for the first 9 years of my working life I always managed to claim a refund, and in these two last years they've decided that I owe more.

Also, full disclosure, I included FICA/SS/Protection in the taxes I paid. If I tallied all the taxes I pay through-out the year, from gasoline to various excise taxes, I wouldn't be surprised to see it topping 40%.

Self-employed is even worse - you have to pay the "employers share" of SS/MC, which you are really paying already because it's computed in the offer that the employer makes to hire you.

[Northwoods]

An unenviable confluence of events, single, no dependents, etc. Don't much want to talk about it beyond stating that for the first 9 years of my working life I always managed to claim a refund, and in these two last years they've decided that I owe more.

Also, full disclosure, I included FICA/SS/Protection in the taxes I paid. If I tallied all the taxes I pay through-out the year, from gasoline to various excise taxes, I wouldn't be surprised to see it topping 40%.

Even including FICA, state taxes, no deductions (beyond standard), etc that bill still sounds unbelievable and WAAAYYYY too high.

$20k AGI, take out standard deduction of, what, $9k.  Fed taxes are 10% up to around 15k I think for singles, so you'd still be in that bracket.  There's $1100.  FICA would be $1500ish.  I can't imagine CO state taxes being even as much as FICA, but let's call that another $1500, just to be overly conservative.  That still only adds up to $4100, and being reasonble with state tax is probably more like $3000.

What am I missing (besides something from the many deductions/credits that can probably be found)?

[cassandra and sara's daddy]

or the dreaded  
self employment tax

[Fitz]

Even including FICA, state taxes, no deductions (beyond standard), etc that bill still sounds unbelievable and WAAAYYYY too high.

$20k AGI, take out standard deduction of, what, $9k.  Fed taxes are 10% up to around 15k I think for singles, so you'd still be in that bracket.  There's $1100.  FICA would be $1500ish.  I can't imagine CO state taxes being even as much as FICA, but let's call that another $1500, just to be overly conservative.  That still only adds up to $4100, and being reasonble with state tax is probably more like $3000.

What am I missing (besides something from the many deductions/credits that can probably be found)?

AGI is AFTER the deductions. Adjusted Gross INcome

[cosine]

AGI is AFTER the deductions. Adjusted Gross INcome

I think what sumpnz is referring to is your taxable income. After you've figured your AGI (f1040, line 37) you subtract your standard deduction or itemized deductions (Sch. A) + any exemptions, and that gives you your taxable income (f1040, line 43).

[Northwoods]

AGI is AFTER the deductions. Adjusted Gross INcome

No.  AGI is wages+investment income+other income-pre-tax insurance/retirement/etc-losses (theft, capital loss, gambling losses, etc).

Taxable income is AGI-deductions.

[zahc]

Thanks to my offspring, I made out significantly better this year--kids are good for $4800 deduction plus $1000 credit. I reduced my AGI further by writing a $4500 check to my HSA, which bites into savings a bit, but saved me a couple hundred off my taxes.

Next year will be better still because I will be able to claim my wife as a dependent (HR block told me I can't claim her this year, because she worked part of the year, even though she was unemployed as of December 31?).

Going through all these machinations to reduce the amount that will be stolen from me is a total waste of time and pretty much wrecked my weekend. The cumulative effect on the economy must be huge. With the government stealing 10-40% of everyone's income, plus all the regulatory fees and capital gains taxes smeared throughout the economy, it's amazing that we actually have an economy at all.

[Fitz]

No.  AGI is wages+investment income+other income-pre-tax insurance/retirement/etc-losses (theft, capital loss, gambling losses, etc).

Taxable income is AGI-deductions.

yep i was wrong. Apologies

[Tallpine]

Next year will be better still because I will be able to claim my wife as a dependent (HR block told me I can't claim her this year, because she worked part of the year, even though she was unemployed as of December 31?).

This makes no sense whatsoever 

Technically, you don't ever claim spouse as "dependent" but instead just file "married filing jointly."

You get an exemption for each person including yourself and spouse if MFJ.

More exemptions for each child and anyone else that can qualify as dependent (aging parent, etc).

It's been a long time since I've been in the business but some things don't change much.

[Monkeyleg]

Going through all these machinations to reduce the amount that will be stolen from me is a total waste of time and pretty much wrecked my weekend.

Actually, it was much worse pre-Reagan. There were more deductions (credit card interest, for example) to effectively bring down high tax rates, but the amount of work was ridiculous. You had to keep every receipt and add up all sorts of deductions. Reducing tax rates and eliminating deductions made doing taxes a lot easier.