Obamas pay 26% federal income taxPresident Obama has released his 2010 tax returns today. On an adjusted gross income of $1,728,096 the Obamas paid $453,770. They donated $245,075 to charities, and deducted $49,945 in mortgage interest.
That amounts to paying about 26% in tax. Add in the charitable deductions, and they gave away about 40%. Is there a single sentient being who believes that, if they remove the charitable deduction, and raise the rates to, say, 40% on "The Rich" the Obamas would still give away a quarter of a million dollars.
Didn't think so.