Ever wonder how much money the Obama's make? President Barack Obama and wife Michelle have released tax documents on April 13, 2012, showing a combined adjusted gross income of $789,674 for the couple in the 2011 tax year, down from $1.73 million in 2010.
According to Fox News, of the $789,674, the earnings were about 50/50 from book sales and his presidential salary. What does that say when his book sales almost match the amount he earns as the President of the United States? Either the pair wrote some great books, or as president, a job with a ton of responsibility, he really doesn't earn that much. Obviously, some will say he doesn't deserve a dime as president, while supports will say he deserves much more.
An interesting fact about the Obama's tax return is that their effective tax rate fell to 20.5 percent for 2011, from right above 26 percent in 2010. According to Fox News, for the 2011 tax year, the couple paid $162,074 in federal income taxes. Sounds like someone maximized their 2011 tax deductions.
President Barack Obama has been pushing for a new tax rule called the "Buffett Rule," which affects people who made over $1 million, and would affect some of his presidential competition. Lucky for him, he just doesn't make enough anymore to be affected. According to Market Watch, "a procedural vote on the Buffett Rule is set for Monday afternoon in the Senate." Is it fair for Obama to try to pass new tax rules for those just above his income bracket? Some would say new tax rules should affect his own pocket too.
What are your thoughts on the President's 2011 earnings and the "Buffett Rule?" As always, be sure to leave your comments, thoughts, and opinions below.