Commentary: So Lemme Get This Straight?
In 2011, President Obama paid more then $160,000 in federal taxes last year on earnings of just under $790,000 according to MSNBC. Almost half of that amount came from his salary as president, the remainder coming from his book sales.
Thankfully, MSNBC did the math for me. What Obama paid in taxes amounts to just over 20% – and as MSNBC points out – that is a lower rate then many Americans who earn less.
The President has argued for some time now that Americans who make more money, should pay more taxes. He is in support of the so-called “Buffet rule” named after millionaire (many times over) investor Warren Buffett who has complained that rich people like him pay a smaller share of their income in federal taxes then the middle class do. Apparently, since the President made less then a million bucks last year, the proposed rule would not apply to him.
Vice President Biden on the other hand paid more in taxes on less income for 2011. Biden paid just under $88,000 on an adjusted gross income of just under $380,000. His tax rate was just over 23%. For the first time in almost four years, the Vice President looks more respectable then his boss!
So, lemme get this straight. One of the issues that the President is going to campaign on, and has already been talking up a storm about, is fair taxes. Will the President’s argument – that people who make more, should pay more – hold up when the facts and numbers show otherwise?