As of now, I am in control here, in the White House

Obama Fails to Apply the Buffett Rule to Himself

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.

76 Responses to Obama Fails to Apply the Buffett Rule to Himself

      • Worthless because:

        He claims he didn’t use the Buffet Rule for himself in the first sentence, and in the second he explains how the rule is set up for citizens that make more than $1mil a year. So then why the F would he use the Buffet rule on himself when he clearly would not be required to do so?

        Worthless because he explains how Obama paid a lower tax rate than Biden, who made LESS than the Pres…. but goes on the explain, again in the next sentence, that this was due to Obama giving more money to charity and being able to claim more deductions.

        It’s a worthless article that is doing nothing but trying to create something, again, from nothing. Why the F does it matter whether I’m a liberal, conservative, or libertarian? I’m an American, let’s go get a beer and talk.. and stop listening to the 24 hour news networks that do NOTHING but try and divide the country on a daily… HOURLY basis. Just like this article attempted.

        • Obama made nearly a million dollars! Why don’t you stop criticizing the messenger of news you simply don’t like? Thank god for Fox News. They tell the truth the State-run Obama Media is afraid to tell. Grow up!

        • It matters because Obama obviously had his financial advisers get every deduction and loophole possible to lower his tax rate. Other earners at this level pay a 30% rate even after deducting all of his charitable donations. IOW, Obama wants you to pay more, but the rule doesn’t apply to his tax rates.

          • You seem to forget that there are tax brackets. Even if someone was subject to a 30% liability for income > $1M, the net tax liability would still be significantly < 30%. The first part is tax free, then the next part is taxed at 10%, and so on.

            I'm no fan of Obama, but at least analyze the information objectively.

    • Interesting to see he is paying taxes on foreign income and that he bought and sold over $2 million in US Treasury bonds. Obama hides his money just as he hides everything else about himself and this administration. For someone receiving a $24, 000 refund, perhaps he and his could start paying their own way instead of having taxpayers foot the bill for all their trips, parties, vacays,fund raisers, etc.

  1. It’s a crazy world we live in when anything over a 15% tax on income (payroll, capital gains, dividends, etc.) is considered not enough…

    …stop spending my grandchildrens’ money on yourselves.

  2. I guess no one has noticed that the whole thing is a set up to show that those making less money pay more in taxes. Just look at it, Obama pays a 20.5% tax on $780,000 income, while Biden who makes $380,000 pays 23.2% rate.
    IN OTHER WORDS, look people, look at our rates, the RICH DO PAY LESS then the middle class. It’s why they put these rates out like they did. To back up President Obama’s point, but of course critical thinkers in this country are few, so they won’t see the set up.

    • Only because the rule doesn’t apply to him as written. He’d have to make about 21% more before taxes before it would. But you would have had to have actually read the article to get that.

  3. Disclaimer: I did not vote for Obama in 2008 and am not voting for him in 2012.

    That said, wtf was the point of this post?

    1. “President Obama chose not to subject himself to his own proposed Buffett Rule” in one paragraph, “The Buffett rule would apply to those making $1 million, and Obama did not quite make $1 million last year” in the next. Maybe he chose not to subject himself to the proposed rule because HE WOULD NOT QUALIFY?

    2. Or perhaps he chose not to subject himself because you CANNOT just “pay more taxes.” It doesn’t work that way. You fill out your tax return to figure out how much you owe/are owed. If the form says you owe $X, you pay $X. If you send in a check for a bigger amount, the IRS will spot the error and return it for you.

    3. The Obamas gave 22% of their income to charity, which is over 5x the national average as a percentage of household income. Admirable.

    4. If we want the liberals to stop accusing wealthy Republicans of not “paying their fair share”, then maybe we shouldn’t accuse wealthy Democrats of the same. He paid a 20% effective federal tax rate, which I’m sure is more than his secretary. Heck, it’s more than I paid and I didn’t give away 22% of my income to charity last year.

    He has not been a good president IMO, but for goodness’ sake let’s attack him for his bad policies and not for stupid things like this that will come back to bite us later if it becomes a talking point.

    P.S. Ron Paul 2012.

    • I agree. This article is conflicting itself.
      “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.”

      He “chose NOT TO” ? IF I’m not mistaken, the original proposal was at 500k; got a lot of opposition from the GOPs; so he proposed 750k and again oppositions from the GOPs. So now it’s at 1 million, and he’s no longer making that level of money; and all of a sudden, he CHOSE NOT TO set the Buffett Rule at 500k / 750k? Is that what you are implying?

      And I thought Mr Koffler is a right-wing media.
      “… 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.”
      You are essentially agreeing with Obama’s point – that the rich are paying less in taxes than the poor – percentage wise. And neither of them are the “small business owners” where they are supposed to be job creators. So again, what’s your point?

      There are no substance of attack on his taxes; like Mike said, if we’re going to win the election, we need to find some substance attack rather than this senseless attacks. And please, stop playing politics when it comes to our country’s well-being …

      Ron Paul 2012.

      • A well thought out and logical comment? You have no place on this board. Next you’ll do something really elitist like site a source.

    • You can pay more than you are “supposed to” by not taking all of the deductions that are allowed. Had the profit from the book sales gone through the publisher rather than the Obamas, they could not claim the charitable deduction for it. It could have been set up that way from the start. So yes, he is being diingenuous about his Buffett rule.

  4. This is just more proof that the first and most important tenant of liberalism is ‘do as I say, not as I do’. Why would biden & obama donate much to charity when they believe the government should be taking care of everyone from cradle to grave.

  5. hey Mike, FYI.. you can send the IRS more $$$$$ anyone can write a check to the federal govt. and they will cash it so sorry youre wrong…no one is stopping buffett, biden, odumbodumb any one of them can write a check for any dollar amount and send it TO THE FEDERAL GOVT.the question is why dont they put there $$$ where there mouth is…..hmmmmm i wonder let me think… HMMMMMM HMMMMM

  6. @Denise
    “Girly 1 YOU are OFFENSIVE. and I wish I could flag you.”

    Please….allow me to help you out. Go to your Dear Leader’s ‘Attack
    Watch” and say hello to them for me! And then you can go back to Move-On!

  7. Both Obama and Biden are cheapskates with their own money, but extremely generous with ours. Interesting that many studies PROVE Democrats give much much less to charity than Republicans. But they hector and lecture the rest of us about “fairness.” Vote every Democrat out and see our country TRIUMPH!

    • I’d like a link to some of those “many studies”. As for “Vote every Democrat out and see our country” all you have to do is look at any single party government to do that. You know like, Saudi Arabia, China, and other lovely places like that. The Democrats and Republicans are both awful but either one with out the other to keep them in check would be a nightmare.

  8. WHAT DID YOU EXPECT???….THEY DO THE TALKING BUT THE WALKING IS A ROCKING CHAIR….!!. THEY WILL CONTINUE TO OUT SPEND THE INCOME AVAILABLE AND BLAME EVERY ONE ELSE FOR THEIR FAILURE AND CHOICES OF POLICIES.

    SOON IT WILL ALL BE OVER AND WE HAVE ANOTHER SET OF NEW PROBLEMS TO COPE WITH …..

  9. If joe biden’s salary is so low, and since he’s been on the public doll all of his career, just how did he afford a multi-million dollar home? Just who is paying his bills and just what is biden giving in return?

    • Maybe an inheritance Obama Fails to Apply the Buffett Rule to Himself

      As of now, I am in control here, in the White House

      Obama Fails to Apply the Buffett Rule to Himself

      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.

      76 Responses to Obama Fails to Apply the Buffett Rule to Himself

          • Worthless because:

            He claims he didn’t use the Buffet Rule for himself in the first sentence, and in the second he explains how the rule is set up for citizens that make more than $1mil a year. So then why the F would he use the Buffet rule on himself when he clearly would not be required to do so?

            Worthless because he explains how Obama paid a lower tax rate than Biden, who made LESS than the Pres…. but goes on the explain, again in the next sentence, that this was due to Obama giving more money to charity and being able to claim more deductions.

            It’s a worthless article that is doing nothing but trying to create something, again, from nothing. Why the F does it matter whether I’m a liberal, conservative, or libertarian? I’m an American, let’s go get a beer and talk.. and stop listening to the 24 hour news networks that do NOTHING but try and divide the country on a daily… HOURLY basis. Just like this article attempted.

            • Obama made nearly a million dollars! Why don’t you stop criticizing the messenger of news you simply don’t like? Thank god for Fox News. They tell the truth the State-run Obama Media is afraid to tell. Grow up!

            • It matters because Obama obviously had his financial advisers get every deduction and loophole possible to lower his tax rate. Other earners at this level pay a 30% rate even after deducting all of his charitable donations. IOW, Obama wants you to pay more, but the rule doesn’t apply to his tax rates.

              • You seem to forget that there are tax brackets. Even if someone was subject to a 30% liability for income > $1M, the net tax liability would still be significantly < 30%. The first part is tax free, then the next part is taxed at 10%, and so on.

                I'm no fan of Obama, but at least analyze the information objectively.

        • Interesting to see he is paying taxes on foreign income and that he bought and sold over $2 million in US Treasury bonds. Obama hides his money just as he hides everything else about himself and this administration. For someone receiving a $24, 000 refund, perhaps he and his could start paying their own way instead of having taxpayers foot the bill for all their trips, parties, vacays,fund raisers, etc.

      1. It’s a crazy world we live in when anything over a 15% tax on income (payroll, capital gains, dividends, etc.) is considered not enough…

        …stop spending my grandchildrens’ money on yourselves.

      2. I guess no one has noticed that the whole thing is a set up to show that those making less money pay more in taxes. Just look at it, Obama pays a 20.5% tax on $780,000 income, while Biden who makes $380,000 pays 23.2% rate.
        IN OTHER WORDS, look people, look at our rates, the RICH DO PAY LESS then the middle class. It’s why they put these rates out like they did. To back up President Obama’s point, but of course critical thinkers in this country are few, so they won’t see the set up.

        • Only because the rule doesn’t apply to him as written. He’d have to make about 21% more before taxes before it would. But you would have had to have actually read the article to get that.

      3. Disclaimer: I did not vote for Obama in 2008 and am not voting for him in 2012.

        That said, wtf was the point of this post?

        1. “President Obama chose not to subject himself to his own proposed Buffett Rule” in one paragraph, “The Buffett rule would apply to those making $1 million, and Obama did not quite make $1 million last year” in the next. Maybe he chose not to subject himself to the proposed rule because HE WOULD NOT QUALIFY?

        2. Or perhaps he chose not to subject himself because you CANNOT just “pay more taxes.” It doesn’t work that way. You fill out your tax return to figure out how much you owe/are owed. If the form says you owe $X, you pay $X. If you send in a check for a bigger amount, the IRS will spot the error and return it for you.

        3. The Obamas gave 22% of their income to charity, which is over 5x the national average as a percentage of household income. Admirable.

        4. If we want the liberals to stop accusing wealthy Republicans of not “paying their fair share”, then maybe we shouldn’t accuse wealthy Democrats of the same. He paid a 20% effective federal tax rate, which I’m sure is more than his secretary. Heck, it’s more than I paid and I didn’t give away 22% of my income to charity last year.

        He has not been a good president IMO, but for goodness’ sake let’s attack him for his bad policies and not for stupid things like this that will come back to bite us later if it becomes a talking point.

        P.S. Ron Paul 2012.

        • I agree. This article is conflicting itself.
          “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.”

          He “chose NOT TO” ? IF I’m not mistaken, the original proposal was at 500k; got a lot of opposition from the GOPs; so he proposed 750k and again oppositions from the GOPs. So now it’s at 1 million, and he’s no longer making that level of money; and all of a sudden, he CHOSE NOT TO set the Buffett Rule at 500k / 750k? Is that what you are implying?

          And I thought Mr Koffler is a right-wing media.
          “… 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.”
          You are essentially agreeing with Obama’s point – that the rich are paying less in taxes than the poor – percentage wise. And neither of them are the “small business owners” where they are supposed to be job creators. So again, what’s your point?

          There are no substance of attack on his taxes; like Mike said, if we’re going to win the election, we need to find some substance attack rather than this senseless attacks. And please, stop playing politics when it comes to our country’s well-being …

          Ron Paul 2012.

          • A well thought out and logical comment? You have no place on this board. Next you’ll do something really elitist like site a source.

        • You can pay more than you are “supposed to” by not taking all of the deductions that are allowed. Had the profit from the book sales gone through the publisher rather than the Obamas, they could not claim the charitable deduction for it. It could have been set up that way from the start. So yes, he is being diingenuous about his Buffett rule.

      4. This is just more proof that the first and most important tenant of liberalism is ‘do as I say, not as I do’. Why would biden & obama donate much to charity when they believe the government should be taking care of everyone from cradle to grave.

      5. hey Mike, FYI.. you can send the IRS more $$$$$ anyone can write a check to the federal govt. and they will cash it so sorry youre wrong…no one is stopping buffett, biden, odumbodumb any one of them can write a check for any dollar amount and send it TO THE FEDERAL GOVT.the question is why dont they put there $$$ where there mouth is…..hmmmmm i wonder let me think… HMMMMMM HMMMMM

      6. @Denise
        “Girly 1 YOU are OFFENSIVE. and I wish I could flag you.”

        Please….allow me to help you out. Go to your Dear Leader’s ‘Attack
        Watch” and say hello to them for me! And then you can go back to Move-On!

      7. Both Obama and Biden are cheapskates with their own money, but extremely generous with ours. Interesting that many studies PROVE Democrats give much much less to charity than Republicans. But they hector and lecture the rest of us about “fairness.” Vote every Democrat out and see our country TRIUMPH!

        • I’d like a link to some of those “many studies”. As for “Vote every Democrat out and see our country” all you have to do is look at any single party government to do that. You know like, Saudi Arabia, China, and other lovely places like that. The Democrats and Republicans are both awful but either one with out the other to keep them in check would be a nightmare.

      8. WHAT DID YOU EXPECT???….THEY DO THE TALKING BUT THE WALKING IS A ROCKING CHAIR….!!. THEY WILL CONTINUE TO OUT SPEND THE INCOME AVAILABLE AND BLAME EVERY ONE ELSE FOR THEIR FAILURE AND CHOICES OF POLICIES.

        SOON IT WILL ALL BE OVER AND WE HAVE ANOTHER SET OF NEW PROBLEMS TO COPE WITH …..

      9. If joe biden’s salary is so low, and since he’s been on the public doll all of his career, just how did he afford a multi-million dollar home? Just who is paying his bills and just what is biden giving in return?

        • Maybe an inheritance? Maybe he made some good investment choices in past years? Maybe he’s up to his eyeballs in debt? In the end, who cares how he paid for it. He can spend his money however he wants, just like the rest of us republicans.

      10. If Obama truly feels he and the rich do not pay enough taxes why is he taking deductions for his charitable donations? So out of one side of his mouth he is bemoaning the fact he doesn’t pay enough taxes while out of the other side of his mouth he is telling his accountant to do everything he can to pay the least amount of taxes.

      11. How can this be. I don’t even make 1/3 of this and my effective tax rate is over 30%. This is so wrong. I hope this country throws all of them out in November and we can start over with people who believe in capitalism not socialism. UGH!

        • How is that socialism? A tax code that scales so higher incomes pay more -could- be called socialism, but even that is a sketchy argument. What we’re seeing here is “Trickle Down Capitalism” The idea that if we give all our money to rich people and they will create a utopia for us. How’s that been workin’ out for us over the past few decades?

      12. Why don’t we start by being consistent on what the heck you are saying. In one article you say Federal Tax Rate and in another you add up SS and medicare in what you call overall tax rate. Completely two different things to compare. Try being consistent in your reporting. Everybody knows you pay out on social security after $106800 but not medicare. So report the facts not random numbers if you are attempting to compare. And no I did not vote for the current president.

      13. For the last three years we have donated more money than 0 has to charity. He’s fibbed before, so he’s surely fibbing now. Why so much all of the sudden. Oh yes, it’s election year.

      14. I paid at 28%, and I make nowhere near what Obummer and Bidung made. Just shows you how stupid, inept, corrupt, insane, illogical our tax system is. We as a people need to get it changed so that it is fair across the board for every taxpayer. It should also change that everyone pay the same percentage no matter what one makes, this is the only fair way, and it would also broaden the revenue. Let’s get real, the system is broken and it only seems to help those that can afford the Tax Einstein’s to figure it all out, and then it probably still is not correct to the 115,000 page tax law. It’s a SCAM….

        • Please look up the definition of salary and capital gains. You’ll notice they’re different. They’re also different for tax purposes.

          We have a definite financial illiteracy problem in this country. Our schools do a pathetic job of teaching it.

      15. “I pay all the taxes owed. And not a penny more,” Romney said at the debate. “I don’t think we want someone running for president who pays more taxes than he owes.”

      16. The reason Biden is paying a higher % on a lower income is that he’s not as smart as Obama. It’s knowing how to work the system and Obama is the king in that department; he’s been workinng the whole Nation for the last three years!

        • So you see both Obama and Biden sitting down at their respective kitchen table, wearing their glasses, with a crapload of receipts spread out all over the table… doing their taxes?

          That’s what you think? Or are you saying tax team that does Obama’s taxes is more savvy than Biden’s? Or do you even think about what you say before you bang your nonsense out?

      17. I don’t quite understand the outrage here.

        Obama has *proposed* the Buffet Rule.

        When you *propose* something, that means that it doesn’t already exist. Obama wants it to happen in the future. You know, *in the future.*

        So to say he “failed to apply the Buffet rule to himself” is stupid, because, you see, the Buffet rule does not yet exist. It has been *proposed.*

        Can I make it any clearer?

        Let me repeat it, just in case I wrote it too quickly.

        Obama *wamts* to pay more taxes, but because the Buffet rule *is…not…yet…in…effect*, hew didn’t have to. He paid his taxes *under the code currently in existence.”

        See?

        He didn’t “fail to apply the Buffett rule,” he *couldn’t* apply the Buffet rule, because the Buffet rule is just a name, it is not yet a “rule.”

        Now, I’m a Republican and I think Obama and the Democrats are driving this country into the ground, but let’s not distort the facts and tell lies, because anyone with half a brain recognizes those distortions and lies, and each time they do, they are nudged a little on the side of Obama, thanks to human nature!

        So please stop distorting the facts and downright lying. You’re only harming our cause.

      18. Where do I sign up to be a paid operative blog poster for the Democrats? Just like the Dems, I’d lie to get more money.. Oh heck Just Kidding.

      19. Please someone explain his Buffet Rule. What! The more I eat the more I’m taxed?
        I kinda like being able to go back for seconds, thirds, or even fourths at the Hung Dong Chop House despite what anybody says. The buffet is an American tradition… And @ $6.99 weekdays, it also comes with a drink.

      20. I can’t believe how dumb we all have become. If I am a millionaire and I am only required to pay 15% in taxes, why would I pay more, even if I felt my taxes were too low?

        Whatever I would contribute would only be a drop in the bucket compared to all of the needless wars and corporate socialism we all pay for because ALL of our politicians are bought and paid for–but that’s another issue. It makes far more sense, as Buffett, Obama, and other billionaires have done to change the tax rates first. Then you don’t have a whole bunch of freeloaders who don’t pay their fair share when their country needs them.

      21. Of that “charitable” contribution, almost all was the profits from a children’s book he wrote – supposedly, he made $117k from it. I really don’t see how, unless the publishing company took a bath. That has to be advance money.

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