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National Journal | Surprise: Obama Wouldn’t be Affected By His Cherished Buffett Tax





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 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. 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.

 

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  • 4rcane

    the buffet rule don’t hit buffet either, only the 1% that he pay himself on an individual level, and not the 99% of his income. Gawd, people like buffet and obama are so greedy. They want the rest of us to pay higher taxes but exempt themselves

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