Obama's tax return

[ronpaulitician]

I love Gregg Easterbrook's Tuesday Morning Quarterback (even though he doesn't always show love to my Pats). He usually mixes in a good amount of politics.

From his May 3 edition, it linked to an article he had written for Reuters: Why Obama should pay more taxes.

If Obama is in earnest about wanting increased taxes on the wealthy, then he should send the United States Treasury $182,998. That’s the difference between his Form 1040 Line 60 (“This is your total tax”) and what he would have owed at the higher rate (plus limits on itemized deductions) he himself advocates.

And from his TMQ follow-up:

The president and first lady earned $1.7 million in 2010, and Obama advocates a tax increase for couples reporting more than $250,000. So if the president took his own medicine, he would have written a check to the U.S. Treasury for more than current law requires.

Obama also has called for a phase-out of itemized deductions for incomes above $250,000: This would have the effect of raising taxes on the affluent. Take a look at Line 40 of his Form 1040 -- Barack and Michelle Obama claimed $373,289 in itemized deductions. This reduced their federal tax bill by nearly $100,000 and cut their Illinois state tax liability. If the president says wealthy people shouldn't claim itemized deductions, then why does he?

[PermanentSleep]

This just made my day.