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Great investment

Tam

Well-known member
Obama's 2012 Tax Returns Show ObamaCare Tax Will Cost Him Less Than $2,000
Well, well, well…look who finally walked their shoebox stuffed with receipts over to their accountant: Mr. President himself.

Earlier today, President Obama released his 2012 tax return, and to be fair, suggesting that the President would even need a shoebox for his receipts grossly overstates the complexity of his return. In fact, just as in previous years, the only thing remarkable about his 2012 tax return is just how unremarkable it is, particularly for the leader of the free world.

It basically goes like this:

On the income side, there’s a W-2 for $400,000 from his POTUS gig, $11,000 of interest income, $250,000 of self-employment income from his previously published book, and a capital loss carryforward. And that’s it. No dividend income, no current year stock sale, no indication that the President is involved in the equity market at all.


On the deduction side, the President claimed a $50,000 retirement plan contribution, $120,000 of charitable contributions, some mortgage interest, real estate and state income taxes, and 4.3 million welfare recipients as dependents (I kid, I kid.)

When it’s all said and done, the President ends up with $335,000 of taxable income, which leaves him squarely within the sweet spot of the alternative minimum tax. As a result, he pays $87,000 in regular tax and an additional $21,000 in AMT, for a total tax bill of $108,000. Tack on self-employment income on the book sales of $7,000, and before credits, withholding and estimated payments, the President is faced with a $115,000 tax bill...........

http://www.forbes.com/sites/anthonynitti/2013/04/12/president-obama-releases-2012-tax-return-obamacare-tax-increases-could-cost-the-president-less-than-2000-in-2013/

Pretty good investment on his money, :wink: most are lucky to get 3% but Obama turns his $115,000 into several multi million dollar family vacations a year for his family and all the golf games he can play. Yes Obama gave a pretty good chunk to charity but why shouldn't he the Tax Payers are paying for he and his wife's addictions :roll:
Anyone that thinks Michelle pays for her fair share of her family vacations needs to think again. Barak can't afford her clothing budget let alone her vacation habit if all he is claiming is $650,000 in income.
Oh and if Obama's tax returns don't show what a friggin hypocrite he is nothing does. He preaches everyone needs to pay more but he isn't even paying 20% which is about half of what he figures OTHERS SHOULD PAY.



And did you hear mister patriotic Biden donated less that 2% of his income to charity and part of what he donated was reportedly used clothing and household items. :roll:

Yep everyone is to do their fair share unless you are Obama and Biden. :roll:
 
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