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Dear Leader paid a lower rate than his Secretary. What a hypocrite!!!
According to the Tax Foundation the top 1%, an exclusive club that Obama belongs to, paid 24.0% of their adjusted gross income (AGI) to the IRS. The top 25% paid 14.7% and the nation overall paid 11.1%.
Obama paid less than the average for his income class, but I could care less what he pays. Whatever he pays is generally wasted on Las Vegas parties, green energy, turtle tunnels and other freebies for his constituents and political pals.
But if he raises the taxes on capital gains and dividends he will collect less revenue and it will tank the economy worse than it is. Capital gains and dividends are taxed twice this is particularly damaging to manufacturing. That's where the good paying jobs are - so how stupid can you get?
We are rapidly approaching the point where half of the population will owe no income taxes and hence have no qualms about increasing tax rates, since it will not affect them. This was foreseen by Dr. Adrian Rogers back in 1996, when he wrote: "When half of the people get the idea that they do not have to work because the other half is going to take care of them, and the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend is about the end of any nation. You cannot multiply the weath by dividing it."
You have to give more to charity like the president did...
The Obamas reported paying $162,074 in federal taxes. They donated $172,130, or 22% of their income, to 39 different charities.
Obama is donating the proceeds from his latest book, "Of Thee I Sing," to a Fisher House scholarship fund for children of fallen and disabled soldiers. This year, the contribution was $117,130.