Saturday, April 23, 2011

Obama's taxes

President Barack Obama is making less money than he used to, though it's still a lot: He and wife Michelle reported income of $1.73 million last year, mostly from the books he's written, according to his just-filed tax return. That was down from the $5.5 million of a year earlier.

The president, who has been campaigning to raise taxes on the wealthy, paid the government $453,770 in federal taxes, about a quarter of the income.

Of course, the Obamas (taking advantage of all available deductions and credits) managed to pay their federal taxes at a lower rate than most middle class families subject to the alternative minimum tax (including me).

The Bidens? They paid 23%, $86,626 in taxes on $379,178 of income, also at a lower rate than the middle class's "minimum tax".

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