President Obama paid a lower federal tax rate in 2011 than his secretary, Anita Decker Breckenridge, according to ABC News. But the president’s big political push for the “Buffett Rule” wouldn’t apply to his situation. Obama released his 2011 federal tax returns earlier today. They showed that Barack and Michelle Obama paid $162,074 in federal income tax, as well as $31,941 in Illinois state income tax. That tax rate is about 20.5 per cent.
Meanwhile, Breckenridge makes $95,000 a year, according to ABC News. White House spokeswoman Amy Brundage told ABC that Obama’s secretary “pays a slightly higher rate this year on her substantially lower income, which is exactly why we need to reform our tax code and ask the wealthiest to pay their fair share.”
Though Brundage was making a general statement about the so-called “tax fairness” that Obama is pushing, he wouldn’t be subject to his own new proposed fairness rules. His plan, named after investor Warren Buffett, would tax millionaires on 30 per cent of their income.
Barack and Michelle Obama reported an adjusted gross income of $789,674 in 2011.
“The Buffett Rule says that multi-millionaires should pay at least the same percentage of their income in taxes as middle-class families do,” Vice President Joe Biden said in a speech in New Hampshire this week.
“The Romney Rule says the very wealthy should keep the tax cuts and loopholes they have, and get an additional, new tax cut every year that is worth more than what the average middle class family makes in an entire year.”
A new Gallup poll out today found that Americans favour the Buffett Rule by a whopping 60 to 37 per cent margin.
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