President Barack Obama is a hypocrite. He is not willing to practice what he preaches when it comes to taxes. And in so doing, he is exposing the lack of importance his own agenda really carries — even in his own household.
In the 2008 campaign, then-Senator Obama repeatedly scoffed at the tax rates for the majority of the small business class of our country. He repeatedly chided those in the tax bracket that included the highest number of small business owners. He declared that these folks would need to do “more” and suggested that everybody should, “do their share.”
He also promised that if he were elected president he would increase tax rates for those making over $250,000 per year, that he would force those in that tax bracket to do more, and that it would be the true measure of patriotism for this group of Americans to pay more in taxes.
He spoke in glowing terms about returning the tax rates in his administration to the levels of the Clinton-era, and challenged those earning above $250,000 a year to embrace their responsibility to pay 39% in federal income taxes (not the rate at the time, which was then 35% under President George W. Bush.)
And then we saw his tax return.
In 2010 the Obama household–after every loophole, donation, and tax exempt charitable donation had been deducted –recorded earnings of $1,700,000 and change. To repeat, this wasn’t gross earnings, this was adjusted earnings. This is the amount that he the president had a responsibility to pay taxes on.
From reports concerning the president’s tax returns, however, it looks like he paid roughly $454,000 and change in federal taxes. Sounds like a lot doesn’t it?
But on taxable income of $1,700,000 that only works out to be just a tad more than 26 percent. Whoa! Wait a minute… The president–who had a taxable income of $1,700,000–paid how much?
Had President Obama voluntarily paid his taxes at the rate he believes everyone else in his income bracket ought to pay (39%) in federal taxes, he SHOULD have paid $663,000.
But wait there’s more… To put the cherry on top of the sundae, President Obama even received a tax refund back from the government of $12,000.