How are President Obama and Warren Buffett alike?

@bobmnu (8157)
United States
April 15, 2012 5:57pm CST
The answer is they both pay a lower tax rate then their secretaries. http://news.yahoo.com/obama-paid-20-5-pct-tax-rate-2011-145921502.html Now both men pay many more dollars in taxes than their secretaries so what should be concerned with the percent they pay or the amount they pay? It is like going to the store and buying a product (Jacket for $100) on sale because it is 50% off sale or going to a store that sells it for $45 regular price. In the article it states that President Obama paid 20.5% of his income or about $162,000, while Gov. Romney only paid about 15.4% of his $20,900,000 income or $3,200,000 in taxes. You are the government and could choose only one tax bill to collect which one would it be. Both men should be paying 35% according to the IRS tax rate guide, so both men are taking advantage of the different tax deductions and how income is declared. A point to note that under President Reagan's tax cuts he was blamed for creating more millionaires because more people were reporting income of $1,000,000 (he eliminated several questionable deductions and rules that allowed such things as buying a building and depreciating it out and then selling it and the next person could depreciate it out then sell it back to you) or more and he collected more revenue even though the tax rates were lower.
4 responses
• United States
16 Apr 12
Bob, in the article they don't mention how much Obama's secretary makes, so how do you know that he paid less? Obama paid less because of his donations to charity, something that republicans support 100%. Romney paid less because he used a loop hole in the tax system that only the ultra wealthy can do. I did notice that you didn't mention the questions about why Romney has a Swiss bank account, and incorporated one of this businesses out of the US. But, that didn't suite your purpose did it?
@Taskr36 (13963)
• United States
16 Apr 12
Are you really going to go there debater? Romney gave over $2.9 MILLION to charity in 2010. That's 14% of his income. I don't know if you missed this, but Obama's rich too. He may not be as rich as Romney, but he's worth millions. Of course the left always call charitable donations loopholes when republicans do it. http://www.csmonitor.com/USA/Elections/President/2012/0124/Mitt-Romney-taxes-show-very-high-charitable-giving-tied-to-Mormon-church
• United States
17 Apr 12
Taskr, are you really doing to say that paying yourself in capital gains isn't a loophole? You are correct that Romney donated a lot of money, and how much of that was money that would have gone to the government if he didn't? By the way Obama gave more than 14% of his income last year to charity, which was in that article. Giving to charity WASN'T the loophole I was referring to, paying yourself in capital gains is!!!
@debrakcarey (19887)
• United States
16 Apr 12
http://www.thegatewaypundit.com/2012/01/romney-gave-15-to-charity-obama-gave-1-to-charity/
@andy77e (5156)
• United States
17 Apr 12
Unfortunately, the left will look at this, not as why Obama is an evil rich person, but rather as just another reason to raise taxes on us. Obama will lead that charge "I pay a lower tax than my secretary too!" and we'll end up in a socialist hell. Granted I agree with your points completely, but pushing this is going to backfire. Leftist don't follow logic. So it's just not going to work.
@andy77e (5156)
• United States
18 Apr 12
Well the sad part is, so many still think what we're doing is good. They don't like the outcome... the pathetic economy, the poor employment rate. No. But the fact is many of the people that are angry about the economy and employment, still support universal health care and more control over the economy. They are blaming the 'evil bankers' for everything, and ignore what Obama has done to cause it. The point is, I'm not sure who we can elect that won't do the same thing Obama has done. Remember Bush passed the bailouts. Bush passed the medicare expansion. Bush tried to pass amnesty for illegals. McCain support nearly all of that. My fear is that we're going to elect "our guy" and he'll be just like Obama, and we'll be listening to leftist complain about them being just as bad, and they'll be right.
@debrakcarey (19887)
• United States
18 Apr 12
I'm thinking it will get the 'on the fence' guys and motivate those who think there's nothing that can be done or that one is as bad as the other. If enough people get angry at what is being done to the country, perhaps?
@debrakcarey (19887)
• United States
19 Apr 12
I know what you mean, I'm worried about that myself.
@sierras236 (2739)
• United States
16 Apr 12
Your discussion actually reminded me of something. Where is Buffett's IRS check? Have you seen it yet? It is getting close to the 17th.
@debrakcarey (19887)
• United States
16 Apr 12
YOU should run for president. Seems that YOU get it, and so many don't.
@debrakcarey (19887)
• United States
16 Apr 12
And I want those secretary's jobs. If they make enough to pay MORE than what these two paid, I can handle that kind of salary.