tax

Obama avoids Taxes by giving their daughters nearly 50,000 dollars

Obama avoids Taxes by giving their daughters nearly 50,000 dollars

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 […]

obama_2011_tax_returns

Obama Releases Taxes, Does Not Qualify for Buffett Rule

President 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 […]

Paying his Fair Share – Did Obama Pay a Lower Tax Rate Than His Secretary?

Paying his Fair Share – Did Obama Pay a Lower Tax Rate Than His Secretary?

President Obama hasn’t a clue about leading by example… President Obama paid a total federal tax rate in 2011 on adjusted income of $789,674 that may be lower than that of his secretary, even though she earned substantially less. Obama has spent the past week touting the Buffett Rule, which calls on those who make $1 million – just a little more than Obama made – to pay at federal […]

Fact Checking The Buffett Rule

Fact Checking The Buffett Rule

Despite offering few details for how the Buffett Rule would be implemented, fact-checkers know enough about the President’s proposal to deduce that it just doesn’t add up. Based on the analysis below it’s clear that Obama was more concerned with how well his new “guiding principle” polled than how many jobs it would destroy in practice. The Associated Press Fact Check: “The Data Tell A Different Story” AP Fact Check: […]

Paying their fair share — In Three Charts

Paying their fair share — In Three Charts

By Timothy P. Carney   The Buffett Tax, because it won’t raise revenue, should be understood mostly as Election-Year demagoguery. And like most demagoguery, it is not well grounded in facts. The basic argument is that the rich don’t pay their fair share in taxes. Rather than data, President Obama relies on anecdote — that Warren Buffett supposedly pays taxes at a lower rate than his secretary does. Let me […]

Obama Tax example Warren Buffett sued for Unpaid Taxes

Obama Tax example Warren Buffett sued for Unpaid Taxes

Maybe President Obama should pick his Tax Examples a bit better. Before we have a Buffett Tax,  Buffett should pay the taxes he owes  now. He is a Corporate Jet company owner. NetJets Inc., the private-plane company owned by Warren Buffett’s Berkshire Hathaway Inc. (BRK/A), was countersued by the U.S. over $366 million in taxes and penalties. NetJets in November sued the U.S., saying the federal government had wrongly imposed […]

Statement by President Obama on Tax Code changes – Fair Share, same rules, Economy built to last

Statement by President Obama on Tax Code changes – Fair Share, same rules, Economy built to last

Statement by the President   In my State of the Union, I laid out a blueprint for an economy that’s built to last — where everyone gets a fair shot, everyone pays their fair share, and everyone plays by the same set of rules.  That includes a tax code that rewards companies who invest and create jobs in the United States of America.   Our current corporate tax system is […]