Revealed: The Obamas paid just $98,169 - a tax rate of 20.4%- on their total 2013 income of $481,098

[superbeets]

[h=1]Revealed: The Obamas paid just $98,169 - a tax rate of 20.4%- on their total 2013 income of $481,098[/h]

• Obamas' total income in 2013 was less than their 2012 and 2011 income
• Ended up paying a higher tax rate, however, because they paid 18.4% in 2012 when their income was $662,076
  
• President Obama's book sales dropped to less than half of what they were
  
• Gave less to charity as a result but they still gave 12.3%
  
• Avoided the 'millionaire's tax' that he implemented because his taxable income of $333,239 was less than the $450,000 cut off

 

[superbeets]

President Barack Obama and First Lady Michelle have paid $98,169 in taxes on their $481,098 income for the 2013 fiscal year, according to tax returns the White House released Friday.

They paid an effective federal income tax rate of 20.4 per cent.
The couple's 2013 federal income tax return was posted on the White House website four days before the tax filing deadline.

+3

Low point: In 2013, President Obama had the lowest total income that he has had in the past three years since his book sales dropped down to less than half of what they were in 2012

 

[superbeets]

Forbes notes that sales of the President's book dropped from $258,722 in 2012 down to $104,000 this past year.


By comparison, the Obamas reported income of $662,076 and paid $112,214 in federal taxes at a rate of 18.4 percent for 2012.

+3

Avoiding the bump: Obama, seen here on Friday in New York, did not have to pay the 'millionaire tax' he implemented because his income was far under the cut off

In 2011, they earned $844,585 while paying $162,074 in federal taxes. After deductions, the couple's adjusted gross income was $608,611 in 2012 and $789,674 in 2011.
Obama's annual presidential salary is $400,000. He had planned to return 5 percent of his pay in 2013 as a gesture of solidarity with federal government workers who faced unpaid leave amid deep spending cuts.

Obama reported $394,796 in 2013 wages, and it was not immediately clear if or how he returned any portion of those earnings.

Because his overall taxable income this year came in at $333,329 that keeps him well below the $450,000 mark where individuals begin being taxed at the raised 39.6 per cent rate that the President boosted in the 'millionaire's tax' that his administration put into effect not long ago.

The 42-page document shows the Obamas reported donating $59,251 to 32 charities which equates to 12.3 per cent of their adjusted gross income.
That figure is $90,000 less than the couple donated to charity last year, which may be a result of his falling book sales.
Their largest charitable gift, $8,751, went to the Fisher House Foundation, which supports military families.
Among the Obamas' other notable charitable contributions were $5,000 to the Sidwell Friends School, the exclusive private school where daughters Malia and Sasha are enrolled, $4,000 to the American Red Cross and $2,000 to One Fund Boston, which was created last year to aid victims of the Boston Marathon bombings.


The Obamas also released their Illinois income tax return showing they paid $23,328 in income taxes to their home state.
Separately, Vice President Joe Biden and his wife Jill paid $96,378 in federal tax last year on adjusted gross income of $407,009.

 

[superbeets]

+3

Giving back: The Obamas gave less to charity this year than previous years since their giving rate has always been reflective of their annual income, but they gave the most to the Fisher House Foundation which supports military families (Michelle seen at one of their events in 2012)

They paid an effective federal income tax rate of 23.7 per cent, according to their tax returns.
They paid $16,444 in taxes to their home state of Delaware.
Jill Biden, a community college professor, also paid $3,470 in income tax to Virginia, where she teaches.
The Bidens donated $20,523 to charity last year.

 

[NFLTrends]

I remember when Obama and his supporters were bashing Romney for only paying 14% of his "INCOME" to taxes... yet they don't realize that MOST of the money he makes are from INVESTMENTS, and the taxes are completely different on investments then on actual income. But they blindly followed that "14%" and continued the bashing.

Yet Romney only had an income of $450,470 in business income. Yet paid $1.94 million in taxes. That's over 400% in taxes.

Investment income and working/business income are taxed totally different. And some blindly ignored that fact, for whatever reason.....

They bashed Romney for using all the itemized deductions he could... but it looks like Obama gets a free pass again for using all the itemizable deductions he can.

I wish people would bash BOTH sides for the same thing, instead of bashing on side for doing it, then ignoring it when their side does it.

YES politicians are all liars, crooks and thieves... and Romney is no better then Obama. They are both the same POS, the only difference is that one has a (R) next to his name, and the other has a (D).

I cant wait till we get a real candidate that I can stand behind, which I don't think will ever happen in my lifetime.

 

[The Guesser]

I remember when Obama and his supporters were bashing Romney for only paying 14% of his "INCOME" to taxes... yet they don't realize that MOST of the money he makes are from INVESTMENTS, and the taxes are completely different on investments then on actual income. But they blindly followed that "14%" and continued the bashing.

Yet Romney only had an income of $450,470 in business income. Yet paid $1.94 million in taxes. That's over 400% in taxes.

Investment income and working/business income are taxed totally different. And some blindly ignored that fact, for whatever reason.....

They bashed Romney for using all the itemized deductions he could... but it looks like Obama gets a free pass again for using all the itemizable deductions he can.

I wish people would bash BOTH sides for the same thing, instead of bashing on side for doing it, then ignoring it when their side does it.

YES politicians are all liars, crooks and thieves... and Romney is no better then Obama. They are both the same POS, the only difference is that one has a (R) next to his name, and the other has a (D).

I cant wait till we get a real candidate that I can stand behind, which I
don't think will ever happen in my lifetime.

What years in this Century has Obama failed to disclose his Tax returns for? With Romney it's every year besides 2010 and 2011, I believe. With Obama it's none, as every year since 2000 was released. Biden also. THAT is what people were complaining about with Romney, in addition to the low rates Romney paid. http://l.barackobama.com/tax-returns/

 

[NFLTrends]

What years in this Century has Obama failed to disclose his Tax returns for? With Romney it's every year besides 2010 and 2011, I believe. With Obama it's none, as every year since 2000 was released. Biden also. THAT is what people were complaining about with Romney, in addition to the low rates Romney paid. http://l.barackobama.com/tax-returns/

Romneys 2011 Return - http://www.huffingtonpost.com/2012/09/25/mitt-romney-2011-tax-return-bain_n_1914587.html
Romneys 2010 Return - http://www.washingtonpost.com/wp-srv/politics/documents/romney-2010-tax-return.html

What % of Romneys income went to taxes? NOT his investment taxes (which are a totally different form of taxes). Romney makes about as much income from business/working as Obama does. BUT Romney makes most of his money from INVESTMENTS.

Yet Romney paid a higher % of "Income" taxes then Obama did. BUT on the flip side, Romney paid more from INVESTMENT taxes then Obama did.

Investments are taxed differently then actual income.

 

[The Guesser]

Romneys 2011 Return - http://www.huffingtonpost.com/2012/09/25/mitt-romney-2011-tax-return-bain_n_1914587.html
Romneys 2010 Return - http://www.washingtonpost.com/wp-srv/politics/documents/romney-2010-tax-return.html

What % of Romneys income went to taxes? NOT his investment taxes (which are a totally different form of taxes). Romney makes about as much income from business/working as Obama does. BUT Romney makes most of his money from INVESTMENTS.

Yet Romney paid a higher % of "Income" taxes then Obama did. BUT on the flip side, Romney paid more from INVESTMENT taxes then Obama did.

Investments are taxed differently then actual income.

Where were Romney's taxes from 2000-2009 when he was running for President? Again, THAT was the issue that people were upset about, in addition to, and even moreso than Romney's low tax rates. What was he hiding in those years that he refused to release his tax returns, like Obama and Biden did? How much of his "Income" was hidden in Offshore Tax Havens? Moot point now that he got routed in the election, but at the time, that was what folks wanted to see.

 

[NFLTrends]

Where were Romney's taxes from 2000-2009 when he was running for President? Again, THAT was the issue that people were upset about, in addition to, and even moreso than Romney's low tax rates. What was he hiding in those years that he refused to release his tax returns, like Obama and Biden did? How much of his "Income" was hidden in Offshore Tax Havens? Moot point now that he got routed in the election, but at the time, that was what folks wanted to see.

Ahhhh. so they didn't raise any stink about the % of income taxes he paid?

I thought that was the biggest issue of all...... Cause I seem to remember everyone screaming about how rich he was and he wasn't paying his "Fair Share", and that he was a millionaire.

 

[The Guesser]

Ahhhh. so they didn't raise any stink about the % of income taxes he paid?

I thought that was the biggest issue of all...... Cause I seem to remember everyone screaming about how rich he was and he wasn't paying his "Fair Share", and that he was a millionaire.

PLEASE read what I wrote. Twice. People were rightfully complaining about both. Hopefully the 2016 candidates will follow Obama's and Biden's lead, and release at least a decade of their tax returns, and not Romney's weasel lead.

 

[NFLTrends]

PLEASE read what I wrote. Twice. People were rightfully complaining about both. Hopefully the 2016 candidates will follow Obama's and Biden's lead, and release at least a decade of their tax returns, and not Romney's weasel lead.

It doesn't matter... Those on both sides will still point the finger at the other side, while ignore their own side.

That's politics these days.

Their team can do no wrong... while the other team is wrong about everything.

 

[BleedingPurple]

Where were Romney's taxes from 2000-2009 when he was running for President? Again, THAT was the issue that people were upset about, in addition to, and even moreso than Romney's low tax rates. What was he hiding in those years that he refused to release his tax returns, like Obama and Biden did? How much of his "Income" was hidden in Offshore Tax Havens? Moot point now that he got routed in the election, but at the time, that was what folks wanted to see.

Romney wasn't going to disclose any taxes for any year until people put pressure on him, then he comes up with a 2 year tax record, he wouldn't show 2000 - 2009 and I think this hurt him as well. What was he hiding? I think Sherriff Joe and Dave should find a nut committee on this issue as well, they are concerned about what others are hiding.

 

[BleedingPurple]

It doesn't matter... Those on both sides will still point the finger at the other side, while ignore their own side.

That's politics these days.

Their team can do no wrong... while the other team is wrong about everything.

Yes this it and we are all screwed. Just think if we could take every politicians campaign money? The national debt would be eliminated lol

 

[BleedingPurple]

Yes this it and we are all screwed. Just think if we could take every politicians campaign money? The national debt would be eliminated lol

Well actually it wouldn't, they would spend that too

 

[neverbend]

Obama's wife, daughters & mother in law trip to China at the taxpayers expense cost probably 20X more than the 98,000 he payed in taxes.

 

[akphidelt]

I remember when Obama and his supporters were bashing Romney for only paying 14% of his "INCOME" to taxes... yet they don't realize that MOST of the money he makes are from INVESTMENTS, and the taxes are completely different on investments then on actual income. But they blindly followed that "14%" and continued the bashing.

Yet Romney only had an income of $450,470 in business income. Yet paid $1.94 million in taxes. That's over 400% in taxes.

Investment income and working/business income are taxed totally different. And some blindly ignored that fact, for whatever reason.....

They bashed Romney for using all the itemized deductions he could... but it looks like Obama gets a free pass again for using all the itemizable deductions he can.

I wish people would bash BOTH sides for the same thing, instead of bashing on side for doing it, then ignoring it when their side does it.

YES politicians are all liars, crooks and thieves... and Romney is no better then Obama. They are both the same POS, the only difference is that one has a (R) next to his name, and the other has a (D).

I cant wait till we get a real candidate that I can stand behind, which I don't think will ever happen in my lifetime.

Actually it's not really an investment. It's how super rich people pay themselves through stock options. You can call it an investment if you want but they aren't investing any of their money. Simply given stock. If anything people who work should be paying 14% and people who earn their income through stock in their own company they work for that was given to them should be paying 30%.

 

[MantisToboggan]

Actually it's not really an investment. It's how super rich people pay themselves through stock options. You can call it an investment if you want but they aren't investing any of their money. Simply given stock. If anything people who work should be paying 14% and people who earn their income through stock in their own company they work for that was given to them should be paying 30%.

This is simply not true.

 

[akphidelt]

This is simply not true.

It's very true. He did not invest in Bain Capitol. He was given stock in it. Majority of his income comes from the stock he was given. It's why he can run for president, not have an actual job, make $20 mil and pay 14% on his taxes. It's the rich mans scam. Not saying I wouldn't take advantage of it if I could though.