Pay your “fair share” of taxes.
Hate the rich (but not Obama).
Hate the 1%, like Mitt Romney, who probably pay less than their secretaries.
Do as I say, not as I do. In a Friday afternoon document dump, the Obamas released their tax return:
President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.
The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.
There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code. …
The Obamas paid a total federal tax rate of 20.5 percent on a gross adjusted income $789,674, which would typically fall within the top federal rate of 35 percent. According to an analysis of the president’s tax return, he may have paid a lower rate than his secretary despite making more than eight times as much money as she did. …
The Obama’s untaxed gift to their daughters will leave American taxpayers to subsidize the college education of the children of the multi-millionaire Obamas.
[Home mortgage interest? See page 6.]
According to another story, Obama doesn’t qualify as “rich enough” for his own Buffett Rule:
The Buffett Rule calls for those making over $1 million a year to pay a minimum tax rate, named after billionaire Warren Buffett. The president did earn over $1 million in previous years–$1.7 million in 2010 and $5.5 million in 2009. …
The release, four days before Tuesday’s tax deadline, capped a week in which the president repeatedly spoke about the obligation of the wealthy to pay their fair share of taxes. It also provided Obama’s campaign the opportunity to once again jab Republican Mitt Romney for his refusal to release more information on his tax-paying history.
The Obamas adjusted gross income was their lowest income since 2004 …
This was the first year since 2006 that the Obama family income dipped below $1 million. In 2010, his adjusted gross income was $1.7 million; in 2009, it was $5.5 million.
Different strokes for different folks. They are not your “everyday people.”