(Image source: Christian Personal Finance)

 

BY LIAM KEEGAN

ANCHOR CHRISTINA HARTMAN

 

President Obama releases his tax returns — showing he makes about $790,000 a year.
The statement shows Obama paid about $162,000 in taxes — with almost half of his income coming from book sales.

The New York Times says the president’s tax release was more politically charged than in previous years.

“The Obama campaign has drawn attention to the even lower tax rates paid by Mr. Romney and his wife, Ann, who derive much of their income from interest on investments, which are taxed at a lower rate than wage income.”

 

A Bloomberg correspondent says the Obama administration wants to pressure Romney into posting taxes from his time as governor — and make him an example in the case for the Buffett Rule. The rule proposes a 30 percent tax on all earnings over 1 million dollars.

“They’d like to embarrass Romney on that score, to show he’s out of touch with the rest of America in terms of how much money he makes, but also make their case on higher taxes for the wealthy.”

A Washington Post blogger says the real point of taxes is lost on both sides of the argument.

“Republicans view taxes with an almost religious fervor: They are profane and must always be fought. Get thee behind me, revenues! Democrats see them as a kind of moral cause: They are about ‘fairness,’ and should be used to help rectify some of the most glaring inequities in the economy. Lost on both sides is a more practical view of taxes: They are how the government pays for itself.”

The Wall Street Journal points out another interesting fact about the tax returns — where the two candidates’ charitable donations go.

 

“Mr. Romney paid $3 million in federal taxes, slightly more than the $2.98 million he made in charitable donations. At least $1.5 million of his charitable donations went to the Mormon Church. In 2011, the Obamas gave $172,000 to charity, or about 20% of their income. Their largest donation, of $117,000, went to the Fisher House Foundation, which provides low-cost lodging to veterans receiving treatment at military medical centers.”

Obama Tax Returns Show $790k Earnings

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Apr 13, 2012

Obama Tax Returns Show $790k Earnings

(Image source: Christian Personal Finance)

 

BY LIAM KEEGAN

ANCHOR CHRISTINA HARTMAN

 

President Obama releases his tax returns — showing he makes about $790,000 a year.
The statement shows Obama paid about $162,000 in taxes — with almost half of his income coming from book sales.

The New York Times says the president’s tax release was more politically charged than in previous years.

“The Obama campaign has drawn attention to the even lower tax rates paid by Mr. Romney and his wife, Ann, who derive much of their income from interest on investments, which are taxed at a lower rate than wage income.”

 

A Bloomberg correspondent says the Obama administration wants to pressure Romney into posting taxes from his time as governor — and make him an example in the case for the Buffett Rule. The rule proposes a 30 percent tax on all earnings over 1 million dollars.

“They’d like to embarrass Romney on that score, to show he’s out of touch with the rest of America in terms of how much money he makes, but also make their case on higher taxes for the wealthy.”

A Washington Post blogger says the real point of taxes is lost on both sides of the argument.

“Republicans view taxes with an almost religious fervor: They are profane and must always be fought. Get thee behind me, revenues! Democrats see them as a kind of moral cause: They are about ‘fairness,’ and should be used to help rectify some of the most glaring inequities in the economy. Lost on both sides is a more practical view of taxes: They are how the government pays for itself.”

The Wall Street Journal points out another interesting fact about the tax returns — where the two candidates’ charitable donations go.

 

“Mr. Romney paid $3 million in federal taxes, slightly more than the $2.98 million he made in charitable donations. At least $1.5 million of his charitable donations went to the Mormon Church. In 2011, the Obamas gave $172,000 to charity, or about 20% of their income. Their largest donation, of $117,000, went to the Fisher House Foundation, which provides low-cost lodging to veterans receiving treatment at military medical centers.”

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