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Obama's federal tax return

post #1 of 6
Thread Starter 

http://www.dailyfinance.com/2012/04/13/obama-tax-return-shows-2011-earnings-of-789-674/?ncid=webmail2

 

They got a refund - LOL! Which they applied to next year's taxes, but still a refund of $24.5K is more than some people earned.

 

They paid $162K in taxes on almost $790K in income. That's a 20% effective tax rate, which I think is pretty high (and he thinks it should be higher?!?!?!) - especially since we're not counting other taxes that are paid like property taxes, sales taxes, state taxes and Social Security / Medicare.

 

By contrast, our effective federal tax rate was 7.6% (the lowest we've paid in years). If you count state, property, sales, and Social Security / Medicare we usually pay about 16%.

 

I think it was funny that Obama got hit by the alternative minimum tax and the self-employment tax.

 

post #2 of 6
[to be honest, if I made $790k I would not mind paying 20% in taxes.
post #3 of 6
Quote:
Originally Posted by Happymom View Post

[to be honest, if I made $790k I would not mind paying 20% in taxes.


Me either.  Our tax rate is higher and we make MUCH less than that.  I figure it's because we're self-employed.  I hate the self-employment tax.  It discourages entrepreneurialism.

post #4 of 6
Quote:
Originally Posted by Happymom View Post

[to be honest, if I made $790k I would not mind paying 20% in taxes.

Who would? We pay more than 20% and no, we don't make $790K LOL
post #5 of 6
Thread Starter 

More than 20%? Are you sure? That's 20% of GROSS, not the net after all the deductions and credits. That's not the highest tax "bracket".

post #6 of 6

I can only dream of a $24K refund!  Oh, the things I could do with that.

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