General Discussion

1StrongBlackMan

(31,849 posts)

3. No ... No ... No ...

Reply to Snake Alchemist (Original post)

Fri Apr 13, 2012, 07:00 PM

Apr 2012

Obama on Friday released his 2011 tax filings, showing that he paid $162,074 in total taxes on adjusted gross income of $789,674, an effective rate of 20.5 percent.

No ... he paid that much in total FEDERAL taxes. If we were to compute the tax rate of any high earner and compare it to that of moderate or lower earners, the disparity would be much, much greater.

For example, while everyone pays X% in sales tax and Y% in property tax and Z% in payroll taxes (up to ~$103K, then the higher earner pays no addition taxes), adding these other taxes has the effect of lowering the higher earners' rate and raising the lower earners' rate.

Edit history

Please sign in to view edit histories.

15 replies

= new reply since forum marked as read

Highlight:

Obama paid a lower tax rate than his secretary, White House confirms [View all] Snake Alchemist Apr 2012 OP

I wonder if he did it through investment income or charitable giving. dkf Apr 2012 #1

Social Security Cap jberryhill Apr 2012 #4

Most don't include FICA in what's quoted as the effective tax rate Major Nikon Apr 2012 #12

Good point customerserviceguy Apr 2012 #10

Yeah it would be funny if the disparity is due to the average persons lack of charitable giving. dkf Apr 2012 #14

People who make a lot customerserviceguy Apr 2012 #15

Mitt Romney may have paid less tax than his lawn care workers? Rosa Luxemburg Apr 2012 #2

Actually his lawn workers likely paid no taxes at all. former9thward Apr 2012 #6

and with all the loopholes I expect Romney will get a refund Rosa Luxemburg Apr 2012 #8

No ... No ... No ... 1StrongBlackMan Apr 2012 #3

agree, except not necessarily true with property taxes nt ctaylors6 Apr 2012 #5

Probably several ways to pay less LiberalFighter Apr 2012 #7

99%! zorahopkins Apr 2012 #9

The Secretary of State? itsrobert Apr 2012 #11

Read the full return. bluestate10 Apr 2012 #13