Obama Doesn’t Qualify For ‘Buffett Rule’

Obama’s “Buffett Rule” would impose more taxes on the wealthy people he hates; except that the leftwing millionaires who support Obama aren’t exactly keen on paying higher taxes.  The Anointed One released his tax filings and it looks like he’s pretending to be part of the “99%”.

Obama earned $789,674 in 2011, the White House announced on Friday.  However, with this income, he does not even qualify for the so-called Buffett Rule that he has promoted relentlessly and the Senate will take up on Monday.

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 president paid $162,074 in taxes with an effective federal income tax rate of 20.5 percent, according to the returns.
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.
http://nationaljournal.com/whitehouse/obama-releases-taxes-does-not-qualify-for-buffett-rule-20120413

Two things: Obama’s actual income is considerably more than the presidential salary. First of all, he gets gets free housing, medical, food, secret service, and travel expenses paid for by us. Secondly, his net worth is currently estimated at $10.5 million.  In addition he and MoMo have a tax shelter that enabled them to give  $48,000 in tax-free gifts to their daughters.  This is the same multimillionaire who bitches about all of the tax loopholes used by the wealthy.

His cynical, effete bullshit  reached appalling levels a long time ago.   His class warfare spiel is an effort to demonize successful entrepreneurs who create jobs and hire people. Coincidentally, some of them are the same Wall Street investors he derided as “fat cats” during the 2008 campaign,  but now courts for donations.

In typical fashion, he doesn’t think he should be held to the same standards.  And how convenient, he proposes a tax regulation to which he won’t be subjected.

 

Related post:

http://sfcmac.wordpress.com/2011/09/10/obamas-class-warfare-comment-during-jobs-speech-gets-laughs/

 

 

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