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Obamas' tax bill $103,000 more without Bush cuts
Posted By -NO AUTHOR- On 04/13/2012 @ 8:04 pm In Money,Politics,U.S. | No Comments
(CNS News) If the Bush tax cuts hadn’t been extended and the president hadn’t chosen to employ those tax breaks he despises so much, Pres. Obama could’ve paid $103,067 more in taxes than he actually did for 2011. And, with the help of a government website, he could still pay it, anyway.
The White House reported today that the Obamas has adjusted gross income (AGI) of $789,674 in 2011, on which they paid $162,074 in federal taxes. That works out to a tax rate of 20.5% of AGI.
Without using any type of credits to reduce the taxes paid on their AGI, at the current rate, that would make the Obamas’ tax liability $246,257.
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