President Obama chose not to subject himself to his own proposed Buffett Rule, paying only a 20.5 percent federal tax rate instead of the 30 percent rate called for under the proposal he has been talking about all week.
The Buffett rule would apply to those making $1 million, and Obama did not quite make $1 million last year – he clocked in at $789,674. But he made enough to be considered comparably rich to those making a million, and still paid a rate ten points below the threshold he is proposing.
What’s more, he paid a lower rate than Vice President Biden, who made less than half what Obama did. Biden paid a 23.2 percent rate on $379,035 in income.
Some of the difference is due to deductions for charitable contributions – the Obamas contributed substantially more last year than the Bidens.