Obama and Biden release tax returns, with pitch for the Buffett Rule

[UrbScotty]

Source: News Observer

President Obama released his 2012 federal income tax return today, with he and first lady Michelle Obama filing jointly and reporting adjusted gross income of $608,611. The Obamas paid $112,214 in total tax.

They reported donating $150,034 – or about 24.6 percent of their adjusted gross income – to 33 charities. The largest reported gift to charity was $103,871 to the Fisher House Foundation.

Obama's effective federal income tax rate is 18.4 percent and Press Secretary Jay Carney noted Obama has proposed policies like the Buffett Rule to require the wealthiest Americans to pay more. Under Obama's proposal, Carney said, including limits on the value of tax preferences for high-income households, Obama would pay more in taxes "while ensuring we cut taxes for the middle class and those trying to get in it."

The first couple also released their Illinois income tax return and reported paying $29,450 in state income tax.

Read more: http://www.newsobserver.com/2013/04/12/2820848/obama-and-biden-release-tax-returns.html

[Skittles]

1. very generous charitable contributions

[24601]

3. Why didn't he bypass the charity and donate the same amount to the Treasury to reduce

the debt? He's setting a example that individuals, rather than the government, should decide how to spend their money. (You can decide for yourself whether that is good or bad)

From the government website: http://www.treasurydirect.gov/govt/resources/faq/faq_publicdebt.htm#DebtFinance


"There are two ways for you to make a contribution to reduce the debt:

You can make a contribution online either by credit card, checking or savings account at Pay.gov
You can write a check payable to the Bureau of the Public Debt, and in the memo section, notate that it's a Gift to reduce the Debt Held by the Public. Mail your check to:

Attn Dept G
Bureau of the Public Debt
P. O. Box 2188
Parkersburg, WV 26106-2188"

[Skittles]

4. these individuals?

http://www.fisherhouse.org/

[24601]

5. But if all the rich paid their taxes instead of taking advantage of loopholes, the government

could fund them, or better yet, provide the services directly.

In 2011, Fisherhouse had to spend $3.3 million fund raising. That would have provided quite a few more stays for families needing to stay near hospitalized relatives.

No disrespect to Bill Gates, Warren Buffett & Barack Obama, but these billionaires & millionaires really like to direct just who wins & loses in the competition to receive their money. Why should it be their decisions rather than the collective judgment of the people expressed through elected government? Just think how much tax revenue is lost to needed government services because people contribute to their faiths.

[Skittles]

6. well I agree with that

but we have a plutocracy now - WE THE PEOPLE mean nothing; I'm not sure how we can change that because it seems like only money talks these days so only the people who have it get heard

[AnotherMcIntosh]

2. "Press Secretary Jay Carney noted Obama has proposed policies like the Buffett Rule to require the

the wealthiest Americans to pay more."

He has such policies? Good to know.