Monday, October 10, 2011

The rich should pay their fair share

We constantly hear President Obama repeat this classic class warfare line.  I'm not going to discuss the ridiculousness of such a statement, or just who determines "fair share" but I am going to refer you to something Bob S. posted.

Obama's tax returns for 2009 and 2010

Here's 2010

"Obama reported $1,795,614 of total income, which consists mostly of his salary as president ($395,188) and proceeds from the sale of his books ($1,382,889). Obama also itemized his deductions, reporting deductions for state income taxes, property taxes, mortgage interest and charity. The Obamas paid federal income taxes of $416,734, roughly 23% of their total income. Obama also contributed to the maximum to a pre-tax retirement plan based his self-employed book proceeds."

The Obama's paid roughly 33.3% in federal income taxes in 2009.  That dropped to roughly 23.3% in 2010.  What happened to "the rich need to pay their fair share?"  What happened to "we all need to share in the sacrifice"?  If the country is in such dire straits that we all have to sacrifice then why did the "sacrifice" of his own family drop by 10%?

1 comment:

Bubblehead Les. said...

Remember the Golden Rule : "He who Controls the Gold gets to make the Rules."