DJ White House: Obamas Report $1.7M Adjusted Gross Income For 2010

[PeshakJang]

Spidey, where's my deduction? I donated $300 to charity last year and didn't get any deductions for it!!

Then that's your fault. You could have and should have deducted that from your AGI to reduce your taxable income.

 

[PeshakJang]

My bad. I always equated AGI as after all itemized deductions.

You are thinking of taxable income, which is AGI minus all deductions and exemptions.

 

[Lithium381]

Just for more info, VP Biden picked up 380k AGI according to a blurb i heard on the radio.

 

[bfdd]

that's a 26.7% effective rate... not bad for a millionaire

that's higher than mine... damn i need to make more money so i can start making more money!

 

[Vette73]

"With a salary like that it's no wonder we can't find anyone qualified to do the job. You want the best you gotta pay for it." - Any Random CEO

Well we had to go to africa and get some muslim to take the job last time its that bad. :sneaky:

 

[Hayabusa Rider]

He should probably not take those deductions for charity. Thats money that could have been better spent by a government bureaucrat.

I see what you did there

Political differences aside I'm glad to see they gave a significant amount to charities.

 

[MotF Bane]

well he did pretty much give away 48.9% of his AGI to gov and charities, with over half of it going to gov... that's a pretty good fair share.... how much do you think is fair?

And what are his expenses at this point? No mortgage, no grocery bill, no car bill, no utility costs...

 

[jonks]

And what are his expenses at this point? No mortgage, no grocery bill, no car bill, no utility costs...

I'll give you the others but did they sell the house in chicago? I doubt it. Believe that was $7600/mo mortgage, not incl property taxes or other loans he financed with.

 

[Tom]

The real Spidey wants his name back. You are Cynical Man.

 

[spidey07]

And what are his expenses at this point? No mortgage, no grocery bill, no car bill, no utility costs...

He did claim 40K or more interest deduction for his chicago home (which he also wants to get rid of) and paid IL state taxes even though he doesn't live there.

Also, why does he not have to claim all the living expenses as income? I thought if a company puts you up that is counted as income. Or maybe it's if they pay relocation expenses and related travel I'm thinking of. Eitherway, audit his ass.

 

[Throckmorton]

Then that's your fault. You could have and should have deducted that from your AGI to reduce your taxable income.

I tried. It's less than the "standard deduction" so it doesn't count. Neither did the medical bills for hernia surgery. Seems to me that "standard deduction" is newspeak for "You can't deduct things that the rich do".

Thank goodness moving costs are separate otherwise I'd have owed taxes.

 

[Throckmorton]

He did claim 40K or more interest deduction for his chicago home (which he also wants to get rid of) and paid IL state taxes even though he doesn't live there.

Also, why does he not have to claim all the living expenses as income? I thought if a company puts you up that is counted as income. Or maybe it's if they pay relocation expenses and related travel I'm thinking of. Eitherway, audit his ass.

LOL, how much is rent at the White House worth? A million dollars a month?

 

[comptr6]

Obama is for eliminating charitable deductions. See how wise and noble he is? He's going to stick it to those rich fat cats, and how!

FBHO

That wouldn't surprise me - after all he eliminated education tax credits for people class people making over $80,000 right?

http://forums.anandtech.com/showthread.php?t=2062667&

 

[spidey07]

That wouldn't surprise me - after all he eliminated education tax credits for people class people making over $80,000 right?

http://forums.anandtech.com/showthread.php?t=2062667&

He sure did. May the great fuck be upon him. We can't deduct shit for education.

May the great fuck be upon the Obama.

 

[manimal]

He sure did. May the great fuck be upon him. We can't deduct shit for education.

May the great fuck be upon the Obama.

You should do something about all that anger. See someone, spend some time outdoors. You are beginning to scare people.


I am being serious.

 

[comptr6]

He sure did. May the great fuck be upon him. We can't deduct shit for education.

May the great fuck be upon the Obama.

I'm really glad you said that. Obama is ruining this country one step at a time.

What's really pathetic is how when you exposed how Obama got rid of the eduction tax credits his libtard lackeys came out of the woodwork and started saying that's the way it had always been, look at this old tax form etc. and saying it was ownage of the year and crap like that.

It's good to see despite all the bs from the leftists you're still telling the TRUTH about obummer and his devious ways.

 

[Abwx]

Amazing how efficient is the tax leveraging in the US....
France has a higher tax rate than the US, but there s so
much loopholes that even if in theory it could amount to
about 750K$, it s unlikely that one would pay 450K$
for a 1.7M$ income....

 

[Red Dawn]

I'm really glad you said that. Obama is ruining this country one step at a time.

What's really pathetic is how when you exposed how Obama got rid of the eduction tax credits his libtard lackeys came out of the woodwork and started saying that's the way it had always been, look at this old tax form etc. and saying it was ownage of the year and crap like that.

It's good to see despite all the bs from the leftists you're still telling the TRUTH about obummer and his devious ways.

Lol, that's good you are one effective parody

 

[Red Dawn]

May the great fuck be upon the Obama.

Exactly what does that mean? Is that some kind of saying that's popular down in Hog Holler?

 

[CycloWizard]

Well from the number shown, it looks like Obama did pay his fair share and that unlike many in his income bracket, he didn't exploit loopholes to underpay taxes. In addition he also gave to actual charities and not just political action committees pretending to be charities.

So the "fair share" of the rich is only 27%? That's not the message I've been reading in this forum. I'll tell you right now - you're going to have a hard time funding all of this crap with only 27% of the rich guys' money.

 

[PeshakJang]

I'm still surprised that nobody has made a stink about him having about $200,000 in foreign income that is not taxable in the US. This is the exact situation that has evoked calls of unpatriotic, criminal bastards directed at corporations with massive profits.

 

[wayliff]

That wouldn't surprise me - after all he eliminated education tax credits for people class people making over $80,000 right?

http://forums.anandtech.com/showthread.php?t=2062667&

oh my the horror
Cry foul about spending but when something gets cut that affects you then also cry foul...which is it then?

I see it as a cut to people who can pay for education easier than others.
Imagine if education was free* like other countries (Australia comes to mind)...then you'd cry foul because that is socialism...
*Mind you in Australia you have to pay it back if you become a good earner.

 

[wayliff]

You should do something about all that anger. See someone, spend some time outdoors. You are beginning to scare people.

I am being serious.

I concur...time to get out a bit more...join a meditation group - he he.
I suspect the whining happens while the mouth is full.

 

[Pens1566]

He did claim 40K or more interest deduction for his chicago home (which he also wants to get rid of) and paid IL state taxes even though he doesn't live there.

Also, why does he not have to claim all the living expenses as income? I thought if a company puts you up that is counted as income. Or maybe it's if they pay relocation expenses and related travel I'm thinking of. Eitherway, audit his ass.

Presidential expense accounts are tax free jackass.

 

[dullard]

I tried. It's less than the "standard deduction" so it doesn't count. Neither did the medical bills for hernia surgery. Seems to me that "standard deduction" is newspeak for "You can't deduct things that the rich do".

The other way to look at it is that without the standard deduction, your expenses were pretty minimal and you would have itemized far less. So your taxes would have been much higher.

Honestly, what you need to do is to learn tax planning. Suppose itemized deductions are going to be $11,600 for the next 2 years. Suppose you have $8000 in itemized deductions for the next 2 years. You have three options.
1) Take the itemized deduction each year. $8000 + $8000 = $16,000 in deductions. Pretty stupid move to take this route.
2) Take the standard deduction each year. $11,600 + $11,600 = $23,200 in deductions. This is what most people in your situation do.
3) Move your expenses around, take the standard deduction one year and the itemized deduction the next year. For example, if you move your expenses to be $3000 and $13000 (same total amount), you can take the $11,600 deduction one year and a $13,000 deduction the next year. Total $24,600.

In the 30% tax bracket (25% federal + 5% state), you'd save $420 every other year by doing #3.

Medical bills can't often be moved (like an emergency hernia operation), but often they can be (many hernia operations can be delayed for years if you choose). Taxes and interest can often be prepaid. Charity can be saved up for multiple years and donated in the year when you have high medical bills and you prepaid your taxes/interest.

You can deduct things the rich do, but first you need to be as smart about taxes as they are.