RANsquawk Weekly Wrap -- 13/04/12

RANSquawk Video's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
ArrestBobRubin's picture
Yes We Can! So we do... Obama Fails to Apply the Buffett Rule to Himself

by Keith Koffler on April 13, 2012, 11:34 am

President Obama chose not to subject himself to his own proposed Buffett Rule, paying only a 20.5 percent federal tax rate instead of the 30 percent rate called for under the proposal he has been talking about all week.

The Buffett rule would apply to those making $1 million, and Obama did not quite make $1 million last year – he clocked in at $789,674. But he made enough to be considered comparably rich to those making a million, and still paid a rate ten points below the threshold he is proposing.

What’s more, he paid a lower rate than Vice President Biden, who made less than half what Obama did. Biden paid a 23.2 percent rate on $379,035 in income.

Some of the difference is due to deductions for charitable contributions – the Obamas contributed substantially more last year than the Bidens.