The White House released the tax returns of both President Obama and Vice-President Biden.
Despite spending much of his recent speech time talking about the “Buffet Rule,” President Obama did not apply it to himself.
The Obamas show joint income of $789,674 and an effective tax rate of 20.5% - far less than the 30% he has been demanding under his proposed tax changes for anyone making a million a year. The President could argue that he didn’t make enough to qualify for the higher rate since he only brought in around $800 K but this was a perfect opportunity to lead by example. Taxpayers are allowed to self-pay higher taxes, presumably for deficit reduction. The first family failed to do so.
And, that scrappy kid from Scranton, Joe Biden, donated a whopping 1.5% of his joint income to Charity. The Bidens show joint income of $379,035 and a total of $5,540 donated to charity. Both the President and Vice-President also have the added benefit of having their living and travel expenses paid by the taxpayers of these United States.
On the subject of travel expenses, the White House has been less than cooperative on explaining how the taxpayers are reimbursed for campaign-related travel (Federal law requires reimbursement for campaign travel.)
The Washington Times reports that the Obama campaign machine has surpassed both Presidents Bush and Clinton on campaign travel, racking up 191 fundraisers by early March and only reimbursing a little over $5,500 in 2011 despite a 1998 estimate that Air Force One alone costs $57,000 an hour to run.