It’s Us Versus the Eighteen Percenters

April 15th, 2013

Please forgive me if I seem a bit annoyed today.

April 15th is a rough day for lots of reasons.  Its tax day which naturally puts most working Americans in a poor frame of mind.  It’s also the day Abraham Lincoln died and the Titanic sank.  Jackie Robinson broke the color barrier in Major League Baseball on this day in 1947 which is obviously a good thing, and it’s my sister’s birthday, so I can’t completely declare April 15th as the day all Americans should just stay in bed and pull the covers over their heads.

But it’s close.

This April 15th, I’m actually mad.  I’m particularly upset after reading that while I just wrote a check to the United States Treasury for an amazing amount of money, my own president (the one who preached that 39.6 percent of a person’s income over $250,000 is a good place to start when deciding a “fair” amount of taxation) just paid 18.4 percent of his own adjusted gross income in taxes.

To be precise, President Obama paid $112,214 in federal income tax on an adjusted gross income of $608,611. According to news reports, it was the president’s “generosity” that allowed him to keep his effective tax rate so low with charitable deductions of $150,034.

Let me share a little story.

Last summer, as I listened to Obama’s constant preaching about the one percent and fair shares, I grew concerned about what my own family’s tax liability might be if Obama won reelection.  I also noticed from looking at his income tax return last year that he was hardly paying anything relative to his income or at least anywhere near consistent with what he professed to believe people in his situation should be paying.

I called a meeting with our accountant.

“How can we get our effective tax rate lower?” I asked her.  “I notice Obama’s is somehow pretty low.”

“He has mostly a different kind of income.  That’s how he does it,” she told me.

“What if we give a lot more to charity?” I queried.

“That’s not really worth it unless you’re just an exceptionally generous person,” she replied, “You only get about 30% on every dollar you give to charity as an exemption, so you probably couldn’t give enough to make it worth it.”

That really got me going.

“Well, I’d rather give the money to a charity than to the federal government to waste,” I replied.

She just laughed.  She’s a nice woman, but I suspect she may be a Democrat because somehow for us there is never any way we can pay less than the maximum amount required by law.

Our biggest problem is that we earn our money in salary.  Because of that, when you hear Obama talk about huge percentages in taxes on income as “fair,” if he’s going to get it from anyone, he’s going to get it from us, not from his buddy Warren Buffett nor out of his own pocket evidently.

As I noted in Friday’s post, this White House is full of hypocrisy.  I really wonder how often they all just sit up there in the private quarters at the White House and laugh at the rest of us.

Well, I’m glad someone is having a good laugh today because it certainly won’t be me.