published Tuesday, April 17th, 2012

Taxes, envy and politics

Nobody really likes any taxes, of course. But taxes are necessary for the financing of our government, on national, state, and local levels.

But there are tremendous differences in the effective levels of taxes on people in different economic situations, because of their tax sources, pay levels, legal deductions, and other conditions.

The average taxpayer, according to the nonpartisan research Tax Foundation, has an actual tax rate of 11 percent.

We are informed, however, that President Barack Obama's tax rate in 2010 was about 26 percent. Most of the Obama family income came not just from his presidential salary but from book sales.

In 2011, Mr. and Mrs. Obama reported their joint adjusted gross income was $789,674. They paid $162,074 in federal taxes, more than 20.5 percent.

Presidential aspirant Mitt Romney, a former automobile executive, reportedly has a financial worth estimated to be between $190 million and $250 million.

It has been reported that in 2010, Mr. and Mrs. Romney had an effective tax rate of 13.9 percent after their legal adjustments. Some of their income came from investments that are taxed at capital gains rates, in most cases at 15 percent.

If our next president is Mr. Obama or Mr. Romney, the winner may expect a presidential salary of $400,000, plus a $50,000 nontaxable expense account -- and a potentially high tax bill.

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fairmon said...

Taxes are necessary for financing governments but only for essential services, not frivolous and discretionary spending. The waste, fraud and over spending including on essential services are ridiculous. The GSA million dollar party is not even the tip of the ice burg. A record 1800 people renounced their citizenship this year due to tax rates and tax compliance red tape complications for those working in other countries.

April 17, 2012 at 6:35 a.m.
joneses said...

Obastards hypocrisy is amazing. He wants the wealthy to pay more taxes. Obastard is one of these wealthy people and takes every deduction he can to avoid paying more taxes.

President Obama and first lady Michelle Obama had a combined income of $789,674 in 2011 but paid a lower tax rate than the president's secretary, who made less than $100,000, the White House confirmed Friday.

The Obamas paid an effective rate of 20.5 percent. White House aides would not reveal presidential secretary Anita Breckenridge’s tax rate but confirmed it was higher than the first family's rate. Breckenridge earned $95,000 last year.

The Obamas' rate is less than the 30 percent the president wants millionaires to pay under his proposed Buffett Rule.

Obastard's net worth is over 10 million dollars and he made over 1 million dollars in 2010 and still takes every deduction he can to avoid paying more taxes. Have you gullible pathetic Kool Aid drinking liberals ever thought that since Obastard extended the Bush Tax Cuts and he Pelosi and Reid did nothing to raise taxes on the wealthy when they had full control that he is not serious about raising taxes on the wealthy, and is only using this lie to trick you into believing he hates what he has become, wealthy? Surely you liberals are not that stupid.

April 17, 2012 at 6:50 a.m.

I suppose we could tax the poor more.

I'm sure that'll work out just fine.

But the reason why they couldn't stop the Bush Tax Cuts you hate is because your party screamed to high hell about doing it.

They tried, they argued for it. But you could get enough votes to stand in the way of it.

Don't deny it, you know you did. Believe it or not, Obama, Pelosi and Reid don't have all Democrats voting in lockstep either.

April 18, 2012 at 1 a.m.
Rtazmann said...

It's funny nowhere in the word democracy does it say taxes,,,it does say this..Government in which the power is vested in all the people..Equality of Rights..our forefathers left Great Britain to escape the unjust life rights there,,,Somewhere according to our Constitution our civil servants has missed the boat..again I say that in the word democracy it does not make a mention the word taxes. We as the people of this Country should take politics more seriously,,because most laws are not pro the people that has made this country great,,,it's the people that has made this country great,,,not taxes,,or politics...we have had to live for decades of window dressing in our lives.. With the choices in Washington that we have,, can we change it now????

April 25, 2012 at 12:02 p.m.
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