"I'm proud to pay 40% taxes"
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But...
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.
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@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
everyoneanyone 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.
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