"I'm proud to pay 40% taxes"

[George K]

But...

https://obamawhitehouse.archives.gov/blog/2016/04/15/president-obama-and-vice-president-bidens-2015-tax-returns

Today, the President released his 2015 federal income tax returns. The President and the First Lady filed their income tax returns jointly and reported adjusted gross income of $436,065. The Obamas paid $81,472 in total tax. The President’s effective federal income tax rate is 18.7 percent.

Even adding the $16K he paid in Illinois income tax, it only comes to 22%.

It's entirely possible that he paid 40% in TOTAL taxes, but somehow, I doubt it.

And yes, that was 5 years ago.

Still, I doubt he's paying 40% now. If he is, he needs a better accountant.

[jon-nyc]

He was probably talking about his marginal rate, 35% federal and 5%? state (ish)

[George K]

@jon-nyc said in "I'm proud to pay 40% taxes":

He was probably talking about his marginal rate, 35% federal and 5%? state (ish)

Good point.

Do you think that everyone anyone understands that?

And just to pick a nit, the top marginal rate is 37%.

Either you talk about "Marginal Rate" or you talk total taxes. Can't have it both ways.

[Klaus]

My marginal rate is 44.3% and I make way less than the Obamas.

[jon-nyc]

Don’t confuse your marginal rate with your rate of being marginal.

[George K]

@jon-nyc said in "I'm proud to pay 40% taxes":

Don’t confuse your marginal rate with your rate of being marginal.

Take this to a forum devoted to piano enthusiasts, ok?