Does Obama Pay Less Taxes Than His Secretary?

Tyler Durden's picture




 

Courtesy of the class division SWAT team, we already know all too well that Buffett had a lower tax rate than this secretary. We however have a question: according to just released data, the Obama's paid $789,674 in taxes in 2011...

  • OBAMAS PAID 20.5% IN TAXES ON $789,674 IN 2011

From Bloomberg: "President Obama, wife Michelle had adjusted gross income of $789,674 in 2011, paid $162,074 in taxes, according to federal tax returns released by White House."

Source: White House

So... inquiring minds want to know if the Fairness Expert in Chief paid less than his secretary in 2011?

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Fri, 04/13/2012 - 12:04 | 2341894 brewing
brewing's picture

he was long $RIMM...

Fri, 04/13/2012 - 12:18 | 2341957 Robot Traders Mom
Robot Traders Mom's picture

He was long RIMM JOBS

Fri, 04/13/2012 - 11:33 | 2341782 betterlockaway
betterlockaway's picture

The irony is that Million Dollar Bonus does no know the difference between  short term capital gains and long term capital gain taxes.  I understand that the whole income tax/capital gains tax situation has been muddied by our faithful leader. But, if you are going to call out a whole community, you should really understand that which you are commenting on.  Alas, i don't blame you.  I do blame the MSM and the liberal elite.  They have created strategic confusion on this matter to make their competitor look bad. Or, a fog of war like scenario that is created to confuse the masses and start a class division.  Truely brilliant.  But, what happens when (hopefully) the populace comes to thier collective senses and realizes just how many half truths have been fed them.  Short term cap gains are taxed just like ordinary income.  Carry on.

Fri, 04/13/2012 - 22:49 | 2343189 MeelionDollerBogus
MeelionDollerBogus's picture

"Short term cap gains are taxed just like ordinary income.  Carry on."

No kidding?

In Canada if you have a TFSA brokerage account the taxes on capital gains are .... zero.

Fri, 04/13/2012 - 11:42 | 2341809 Saro
Saro's picture

I'm diggin' the new avatar.  The flag in the background really makes it all the funnier.

Fri, 04/13/2012 - 12:18 | 2341951 Carl Spackler
Carl Spackler's picture

"...only pay capital gains tax"

Great, let's get rid of the capital gains tax, then!

This economy would prosper.  Risk on, baby. 

 

 

BTW, I wonder how much in taxes Democrats Tim Geithner, Charlie Rangel, and Tom Daschle skipped out on paying for 2011.

Fri, 04/13/2012 - 12:30 | 2342002 Dan Conway
Dan Conway's picture

MDB,

Just a couple of points:

1.  Who cares what daytraders do all day with their own money?  I don't.  But one of the many problems that I have with the obama administration is when it's departments become venture capital funds using all of our money like it has done with numerous green energy companies.  They are either lousy investors or just plain corrupt.  As an investor, I will choose to fire the general partners of this terrible venture fund in November.  Hopefully the next President will exit the venture capital business.

2.  It is a stretch even for the biggest obummer kool-aid drinkers that he works hard 24/7 for this country.  How do you explain all of those rounds of golf, multiple daily fundraisers, vacations, etc.  How the president chooses to "manage his time" is his style.  I disagree with his style and his outcomes so I will choose to fire him in November. 

I can add to the list but it won't change the fact that this nation hired an incompetent candidate that misrepresented his record and intentions.  Too bad not enough people didn't do the proper background check on this candidate back then but now he has a trackrecord  and it doesn't look good for him. 

Now tell me how does someone like you make a statement about lazy daytraders?  Do you get paid to post your garbage?  Does your boss review your posts?  Are you happy to have spent a lot of money (maybe your parent's money) to get a fancy degree to post this political garbage for a few lousy bucks a week?  Do they give you healthcare?  I would recommend that between posts here and elsewhere you check out monster.com and find something a little more self-respecting.  Do you regret that hillary lost to obozo?

Regards,

Dan

Fri, 04/13/2012 - 13:14 | 2342132 fockewulf190
fockewulf190's picture

Projected defecit of $1,3 trillion this year alone. Epic FAIL. Bernanke is forcing savers into either risking it all in this bullshit ponzi market, or having to accept the slow destruction of their money in savings accounts or other ultra low interest paying financial instruments. Worse for the elderly, they no longer can count on fixed income to provide a steady stream of capital to support themsielves. They are forced to burn capital and take the inflation haircut, thanks to the Bernank and Obama. Shall I mention how many pension funds right now are hopelessly underfunded because of the shitstorm going on right now? Is it any wonder more and more people are accumulating phyzz?

Fri, 04/13/2012 - 13:51 | 2342293 TradingTroll
TradingTroll's picture

Really? MDB is that you? I have been looking all over the blogosphere for that lone "lazy day trader who sits around all day like greasy hobos in their pyjamas chasing headlines"

Send me your address, I will mail you some fresh new (ok, well I wore them for a few years, but *new* for you) pajamas. You may want to launder first but I can throw in a Tide sample. Oh, heck, you're so busy, just go 'backwoods au naturel'

Fri, 04/13/2012 - 11:51 | 2341845 prains
prains's picture

alabama shakes album is now out......just sayin

Fri, 04/13/2012 - 12:39 | 2342028 donis
donis's picture

i hear the the shakes are short tech.  "We dont do twitter...  whats twitter?"

Fri, 04/13/2012 - 11:58 | 2341869 HelluvaEngineer
HelluvaEngineer's picture

Who fucking cares?  I bet his secretary is a white bitch.

Fri, 04/13/2012 - 14:33 | 2342420 dow2000
dow2000's picture

Now you can never leave...

Fri, 04/13/2012 - 11:37 | 2341790 LongSoupLine
LongSoupLine's picture

Did O's secretary get the same offshore account deposit "gifts" from TBTF's?

Fri, 04/13/2012 - 11:46 | 2341823 rwe2late
rwe2late's picture

 ah yes, the tax-free "perks of office",

http://tv.yahoo.com/daytime/first-look-inside-ex-president-s-clubhouse-28935046.html

How very far from the original antipathy towards kings and aristocracy has this nation come.

Fri, 04/13/2012 - 14:29 | 2342405 volney47
volney47's picture

EXACTLY!

Fri, 04/13/2012 - 10:53 | 2341616 BadKiTTy
BadKiTTy's picture

F**k yeah!

That's the game folks!

Buffet rule my ass!!

K@

Fri, 04/13/2012 - 10:54 | 2341618 GeneMarchbanks
GeneMarchbanks's picture

Crime pays no dental nor medical unless you catching time in county state or federal

--MF Doom

 

Fri, 04/13/2012 - 11:07 | 2341670 Agent P
Agent P's picture

"Remember kid, crime doesn't pay...(stepping into the limo) well, it pays a little."

- Johnny Dangerously

 

Fri, 04/13/2012 - 10:54 | 2341621 vegas
vegas's picture

I'm sure Chalky relied on Geithner for his tax advice. Maybe like Clinton he itemized deductions and took the depreciation on underwear from his work wardrobe.

 

http://vegasxau.blogspot.com

Fri, 04/13/2012 - 10:59 | 2341642 jekyll island
jekyll island's picture

I was on a mission trip in Ghana this January and one of the villages we visited had a 2 year old boy sporting tightie whities with "Obama" on the waistband.  Obama undies, we laughed about that the entire trip.  Doesn't seem so funny now.  

Fri, 04/13/2012 - 11:03 | 2341661 Gully Foyle
Gully Foyle's picture

vegas

Dude, Chalky just isn't gonna catch fire.

Boardwalk Empire is a shitty show and not worth the time to steal from.

Really Chalky sounds like some Cockney Andy Capp cartoon character.

Bet it really fucks up the Brits who post here. Most have a mate Chalky.

Elston Limehouse flunky Errol would be a more appropriate model. He followed orders and when Elston was done with him he was abandoned.

Fri, 04/13/2012 - 11:22 | 2341741 vegas
vegas's picture

I don't give a shit if it catches fire or not. To me he is Chalky - deal with it.

 

http://vegasxau.blogspot.com

Fri, 04/13/2012 - 11:30 | 2341772 ArrestBobRubin
ArrestBobRubin's picture

Hey, wait a sec, I like Boardwalk...

But Justified? NOW you're talking bro... Love it. Errol took a bullet from Frank "one arm" Quarrles in the finale... did he live?

Fri, 04/13/2012 - 10:54 | 2341623 fadgadget
fadgadget's picture

those in glass houses...

i voted for him in 2008.  never again.  i had high hopes he would actually be reformer and anticorruption fighter.  stupid me.

Fri, 04/13/2012 - 10:59 | 2341644 agNau
agNau's picture

???????

Fri, 04/13/2012 - 11:04 | 2341664 Gully Foyle
Gully Foyle's picture

fadgadget

Those who lie under glass tables will see the shit coming but can not stop it.

Fri, 04/13/2012 - 11:08 | 2341678 LowProfile
LowProfile's picture

Ah, the voice of experience.

Fri, 04/13/2012 - 11:11 | 2341692 Gully Foyle
Gully Foyle's picture

LowProfile

Nah, saw it on Drawn Together.

Probably during the debate on the merits of Swedish vs Japanese shitting tables.

Only homos literally "tap that ass", or have anything to do with the asshole part.


Fri, 04/13/2012 - 11:57 | 2341864 tron2012
tron2012's picture

What's wrong with buttholes?

Fri, 04/13/2012 - 12:01 | 2341885 TheFourthStooge-ing
TheFourthStooge-ing's picture

Everybody should have one.

 

Fri, 04/13/2012 - 11:16 | 2341715 SheepDog-One
SheepDog-One's picture

Wouldnt the glass table stop it?

Fri, 04/13/2012 - 11:23 | 2341743 MachoMan
MachoMan's picture

Yeah, something's definitely amiss if a shit will break a glass table...

Fri, 04/13/2012 - 12:05 | 2341902 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Yeah, something's definitely amiss if a shit will break a glass table...

Somebody must be eating gold again.

 

Fri, 04/13/2012 - 11:17 | 2341721 Agent P
Agent P's picture

I tried to up-vote you for your newly found wisdom and down-vote you for voting for Obama in '08, but the system wouldn't let me do it.  You get the up-vote and I'll just have to forgive you for your sins of the past.

Fri, 04/13/2012 - 11:36 | 2341784 ArrestBobRubin
ArrestBobRubin's picture

Bro, just gotta say, that WAS stupid. But you're a good person to admit the error in judgement.

Many of his supporters have gone Full Retard and are just itching to Double Down on the Dumb.

Fri, 04/13/2012 - 12:08 | 2341920 crawldaddy
crawldaddy's picture

oh please, like there is a choice, who is this other magical choice we have? Romney, please he is even worse, hard to belive possible but true.

We need a new party, or better yet get rid of all the parties.

Fri, 04/13/2012 - 10:54 | 2341625 Lost Wages
Lost Wages's picture

Give me some o' that sweet, sweet tax.

Fri, 04/13/2012 - 10:56 | 2341630 mayhem_korner
mayhem_korner's picture

 

 

What I would really like to see is the Barry & Michelle's charitable contributions for the past few years.  We know Biden's has historically not cracked four digits - just wondering how well the Headmaster of the Share the Wealth program does his part.

Fri, 04/13/2012 - 11:09 | 2341679 Gully Foyle
Gully Foyle's picture

mayhem_korner

Funny

http://www.realclearpolitics.com/articles/2008/03/conservatives_more_lib...

Sixteen months ago, Arthur C. Brooks, a professor at Syracuse University, published "Who Really Cares: The Surprising Truth About Compassionate Conservatism." The surprise is that liberals are markedly less charitable than conservatives.

If many conservatives are liberals who have been mugged by reality, Brooks, a registered independent, is, as a reviewer of his book said, a social scientist who has been mugged by data. They include these findings:

-- Although liberal families' incomes average 6 percent higher than those of conservative families, conservative-headed households give, on average, 30 percent more to charity than the average liberal-headed household ($1,600 per year vs. $1,227).

-- Conservatives also donate more time and give more blood.

-- Residents of the states that voted for John Kerry in 2004 gave smaller percentages of their incomes to charity than did residents of states that voted for George Bush.

-- Bush carried 24 of the 25 states where charitable giving was above average.

-- In the 10 reddest states, in which Bush got more than 60 percent majorities, the average percentage of personal income donated to charity was 3.5. Residents of the bluest states, which gave Bush less than 40 percent, donated just 1.9 percent.

-- People who reject the idea that "government has a responsibility to reduce income inequality" give an average of four times more than people who accept that proposition.

Brooks demonstrates a correlation between charitable behavior and "the values that lie beneath" liberal and conservative labels. Two influences on charitable behavior are religion and attitudes about the proper role of government.

The single biggest predictor of someone's altruism, Willett says, is religion. It increasingly correlates with conservative political affiliations because, as Brooks' book says, "the percentage of self-described Democrats who say they have 'no religion' has more than quadrupled since the early 1970s." America is largely divided between religious givers and secular nongivers, and the former are disproportionately conservative. One demonstration that religion is a strong determinant of charitable behavior is that the least charitable cohort is a relatively small one -- secular conservatives.

Reviewing Brooks' book in the Texas Review of Law & Politics, Justice Willett notes that Austin -- it voted 56 percent for Kerry while he was getting just 38 percent statewide -- is ranked by The Chronicle of Philanthropy as 48th out of America's 50 largest cities in per capita charitable giving. Brooks' data about disparities between liberals' and conservatives' charitable giving fit these facts: Democrats represent a majority of the wealthiest congressional districts, and half of America's richest households live in states where both senators are Democrats.

While conservatives tend to regard giving as a personal rather than governmental responsibility, some liberals consider private charity a retrograde phenomenon -- a poor palliative for an inadequate welfare state, and a distraction from achieving adequacy by force, by increasing taxes. Ralph Nader, running for president in 2000, said: "A society that has more justice is a society that needs less charity." Brooks, however, warns: "If support for a policy that does not exist ... substitutes for private charity, the needy are left worse off than before. It is one of the bitterest ironies of liberal politics today that political opinions are apparently taking the place of help for others."

In 2000, brows were furrowed in perplexity because Vice President Al Gore's charitable contributions, as a percentage of his income, were below the national average: He gave 0.2 percent of his family income, one-seventh of the average for donating households. But Gore "gave at the office." By using public office to give other peoples' money to government programs, he was being charitable, as liberals increasingly, and conveniently, understand that word.

Fri, 04/13/2012 - 11:12 | 2341697 mayhem_korner
mayhem_korner's picture

 

 

Great post, thx.

Fri, 04/13/2012 - 12:04 | 2341843 Pool Shark
Pool Shark's picture

 

m_k:

Back when he was a senator, Barry gave only a tiny percentage of his income to charity (like Biden), until Michelle got her cushy consulting gig and he ran for president; then the number magically increased to over 5%.

I wish I still had access to the source, but I remember seeing the exact percentages by year back in 2008.

I guess he really didn't listen closely to Reverend Wright; doesn't the lord demand a minimum of 10%? ("tithe").

UPDATE: found the source:

http://www.nytimes.com/2008/03/26/us/politics/26taxes.html

 

P.S., Is it just a coincidence that Michelle's salary at Chicago University Hospital more than doubled after Barry was elected Senator in 2004??????

Fri, 04/13/2012 - 11:16 | 2341718 fadgadget
fadgadget's picture

that's a bunch of bullshit.  giving to churches was counted as charitable giving even though all that moeny went toward the pastor's cadillac.  non-church giving is drastically slanted toward "liberals."

Fri, 04/13/2012 - 11:21 | 2341739 mayhem_korner
mayhem_korner's picture

 

 

yeah...show us some evidence of that.  You can even use the hated Dick Cheney as your standard-bearer for the non-liberals.

And, BTW, if your own charitable ain't in the five or six figure range, don't get too high on the horse there, bub.

Fri, 04/13/2012 - 11:46 | 2341825 Saro
Saro's picture

Back before I become an atheist, the church I went to held weekly meetings where members of the community could come and ask the church for financial help, and the church's board members would decide how to divvy up the money.

And the pastor didn't drive a fancy car.  I'm pretty sure it was a minivan, in fact . . .

Fri, 04/13/2012 - 11:49 | 2341841 John Skookum
John Skookum's picture

Wrong.  Brooks's study looked at that very issue and found that conservatives give more than liberals to non-religious charities too.  About 10% more, in fact.  He discusses it at more length here: http://philanthropy.com/article/Who-Gives-More-Democrats-or/49377

 

Face it, liberals are just evil, selfish people who support big government out of guilt at their own self-centered wothlessness, and envy at others who earned their own money.

Fri, 04/13/2012 - 12:16 | 2341952 Saro
Saro's picture

Hey, liberals may not personally contribute as much, but they are the undisputed champions of donating other people's money to charity.

Surely that counts for something . . .

Fri, 04/13/2012 - 13:21 | 2342158 DosZap
DosZap's picture

Dig Bidens CHARITY...........................and compare it to Bamsters.At least Obamma does give a decent percentage of his income.............Biden, is a tight wad.( a Champion for the POOR).

 

http://www.weeklystandard.com/blogs/bidens-donate-15-percent-income-charity-2011_636971.html

Fri, 04/13/2012 - 12:06 | 2341907 johnberesfordti...
johnberesfordtiptonjr's picture

Correct.

For example, the Mormon tithe is 10% and is paid by about 80% of Mormons.

Fri, 04/13/2012 - 12:06 | 2341908 johnberesfordti...
johnberesfordtiptonjr's picture

Correct.

For example, the Mormon tithe is 10% and is paid by about 80% of Mormons.

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