Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Any tax pros out there?

The question closed too early for my taste, Obama paid roughly 31% Federal Tax. What should he have paid on an income of 2.65 million according to the Federal Tax brackets? Any tax preparers out there?

 
akinbottom2

Asked by akinbottom2 at 4:33 PM on Apr. 16, 2009 in Politics & Current Events

Level 2 (3 Credits)
This question is closed.
Answers (18)
  • Anon- I'm not opposed to paying taxes either, but you're telling me that if you owe quite a bit of money that you wouldn't at least think something along the lines of "wow that's a lot, I really wish I didn't have to pay quite that much...oh well." You are saying you've never, EVER thought anything like that? Then again, maybe you've always received a nice, hefty refund every year. I wouldn't complain about that either I suppose. When people owe a lot of money whether it's to the government or anything else there is always at least a little moaning about how much things cost. You cannot tell me you're perfect and never think that it would be nice to keep a little more of your money. I guess you must be near goddess-like. I wish I was that perfect...

    anime_mom619

    Answer by anime_mom619 at 8:48 PM on Apr. 16, 2009

  • it depends on what he has for deductions and such. he is good, he went to H&R Block.
    Anonymous

    Answer by Anonymous at 4:40 PM on Apr. 16, 2009

  • If he checked the Geithner/Daschle Box, ya never know!
    grlygrlz2

    Answer by grlygrlz2 at 5:06 PM on Apr. 16, 2009

  • I'm a tax attorney. As the previous poster said, it depends on the deductions he has. Looks like he paid about right based on the information that I have seen (charitable contributions, etc). Either way he was in the top bracket. BUT, just because you are in the top bracket doesn't mean you pay 36% on all your income, only on the amount that falls inside that bracket. Anything prior to that last bracket is taxed at the rate of the bracket.
    Anonymous

    Answer by Anonymous at 5:06 PM on Apr. 16, 2009

  • 2008 Schedule Y-1 - Married Filing Jointly or Qualifying Widow(er)

    Taxable income is over - But not over - The tax is: Of the amount over -
    $0 $16,050 $0 + 10% $0
    16,050 65,100 1,605.00 + 15% 16,050
    65,100 131,450 8,962.50 + 25% 65,100
    131,450 200,300 25,550.00 + 28% 131,450
    200,300 357,700 44,828.00 + 33% 200,300
    357,700  - 96,770.00 + 35% 357,700
    Anonymous

    Answer by Anonymous at 5:10 PM on Apr. 16, 2009

  • Oh, I hope he didn't use Turbo Tax...according to Geithner, it's not very accurate! LOL
    LoriKeet

    Answer by LoriKeet at 5:11 PM on Apr. 16, 2009

  • Sorry. Chart did not copy correctly.....
    Anonymous

    Answer by Anonymous at 5:11 PM on Apr. 16, 2009

  • i wish the math was as easy as that, but its not. He prob. has a gazillion write offs for all the income that Mrs. Obama has considering that she prob. has to attend her Board meetings once in a while, traveling, meals, you know, all that good stuff. I guarantee you their return is very complicated and it prob. took a whole team of tax experts to help them to reduce their tax liability.

    Now to me, the big question would be, where they making estimated tax payments? LOL The IRS penalizes the small man for not. Considering that the Obama's are rich, the rules might be different. I hope the media picks up that the Obama's tax bracket includes them in the "rich" category so that when he talks so negatively about "the rich.." ........
    lifeasinoit

    Answer by lifeasinoit at 5:16 PM on Apr. 16, 2009

  • LOL Lorikeet.
    grlygrlz2

    Answer by grlygrlz2 at 5:17 PM on Apr. 16, 2009

  • Didn't see him complaining about paying the taxes though lifeasinoit like so many of the rich. Most of their income has come from the royalties from his books which, because last year he was a candidate and people wanted to know more, were flying off the shelves.
    Anonymous

    Answer by Anonymous at 5:18 PM on Apr. 16, 2009

close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN