Updated 1:10 pm ET President Obama paid a total federal tax rate in 2011 on adjusted income of $789,674 that may be lower than that of his secretary, even though she earned substantially less. Obama has spent the past week touting the Buffett Rule, which calls on those who make $1 million – just a little more than Obama made – to pay at federal
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.
President and Mrs. Obama released their tax returns this morning, reporting earning $789,674 last year, half from the president’s annual $400,000 salary and the other half from income from his books. From the White House: Today, the President released his 2011 federal income and gift tax returns. He and the First Lady filed their income tax returns jointly and reported adjusted gross income of $789,674. About
President Obama takes a risk when he does these interviews with local anchors, as he did today from the White House. Often the local guys are intimidated to be in the Oval Office, but sometimes, it’s just the reverse, and they won’t observe the conventions and deference that Washington journalists do. This local news anchor from KMOV in St. Louis got in Obama’s face about