The Obamas and Bidens File Taxes

[Craig234]

Originally posted by: Spike

Originally posted by: MovingTarget
If they paid their taxes, I have no problem with what they make. Good for them and may they continue to be successful. What makes this fair is our progressive tax system. Why all of a sudden are people screaming about how much they make given that?

I don't care what party your from but I personally don't think the President or the VP make enough money. Take a look at before and after pictures of Presidents, especially those who held two terms. It's amazing how much they age in 8 years, way faster than you would naturally. That job has so much stinking stress that a measly 200k a year is nothing, they should probably make a million or more...



Plus then we can tax them at a higher rate

Tell you what - I'll double the 200K to 400K a year, retroactively for Obama. Happy now?

 

[GroundedSailor]

Originally posted by: Mursilis

Originally posted by: Siddhartha
In comparison to his boss's return, Vice President Biden's 1040 looked downright modest. The VP and his wife reported an income of $269,256 for 2008. That's roughly a tenth of what the Obamas declared. Still, a good portion of that came from sales of Mr. Biden's memoir, "Promises to Keep." UPI reports that the Bidens reported donations of $1,885 to charity in 2008, but the White House notes that the Bidens made additional donations to their church that weren't included (lest you think they're stingy).

They had legit tax deductions they failed to claim? Strange. Otherwise, Biden was being a stingy bastard - a charitable rate of less than 1% is pretty cheap for someone so concerned about the poor.

Since last year charitable donations are no longer allowed unless you have a receipt. So all those who were claiming the few hundreds paid to church or temple are no longer doing so. It did come as a surprise to me as my wife is a regular and always puts some money in the tray or whatever is where money is put. I used to guestimate what she would have paid over the year and use that figure. Last year the accountant asked me for a receipts and I was 'Huh?' Biden could have been doing that but now cannot show it in his returns.

 

[mugs]

Originally posted by: GroundedSailor

Originally posted by: Mursilis

Originally posted by: Siddhartha
In comparison to his boss's return, Vice President Biden's 1040 looked downright modest. The VP and his wife reported an income of $269,256 for 2008. That's roughly a tenth of what the Obamas declared. Still, a good portion of that came from sales of Mr. Biden's memoir, "Promises to Keep." UPI reports that the Bidens reported donations of $1,885 to charity in 2008, but the White House notes that the Bidens made additional donations to their church that weren't included (lest you think they're stingy).

They had legit tax deductions they failed to claim? Strange. Otherwise, Biden was being a stingy bastard - a charitable rate of less than 1% is pretty cheap for someone so concerned about the poor.

Since last year charitable donations are no longer allowed unless you have a receipt. So all those who were claiming the few hundreds paid to church or temple are no longer doing so. It did come as a surprise to me as my wife is a regular and always puts some money in the tray or whatever is where money is put. I used to guestimate what she would have paid over the year and use that figure. Last year the accountant asked me for a receipts and I was 'Huh?' Biden could have been doing that but now cannot show it in his returns.

Use checks and the church will probably give you a receipt. Some churches also have envelopes that you can put cash in and write your name on it so they can keep track and give you a receipt.

 

[CPA]

I'd like to know how they got away without being hit with AMT. Nice that they didn't include their Form 6251. Does anyone find it interesting that someone making over $2M doesn't get hit by AMT, but someone (like me), make less than a tenth of that does get hit? Whatever happened to the AMT being just for "the rich"?

 

[GroundedSailor]

Originally posted by: mugs

Originally posted by: GroundedSailor

Originally posted by: Mursilis

Originally posted by: Siddhartha
In comparison to his boss's return, Vice President Biden's 1040 looked downright modest. The VP and his wife reported an income of $269,256 for 2008. That's roughly a tenth of what the Obamas declared. Still, a good portion of that came from sales of Mr. Biden's memoir, "Promises to Keep." UPI reports that the Bidens reported donations of $1,885 to charity in 2008, but the White House notes that the Bidens made additional donations to their church that weren't included (lest you think they're stingy).

They had legit tax deductions they failed to claim? Strange. Otherwise, Biden was being a stingy bastard - a charitable rate of less than 1% is pretty cheap for someone so concerned about the poor.

Since last year charitable donations are no longer allowed unless you have a receipt. So all those who were claiming the few hundreds paid to church or temple are no longer doing so. It did come as a surprise to me as my wife is a regular and always puts some money in the tray or whatever is where money is put. I used to guestimate what she would have paid over the year and use that figure. Last year the accountant asked me for a receipts and I was 'Huh?' Biden could have been doing that but now cannot show it in his returns.

Use checks and the church will probably give you a receipt. Some churches also have envelopes that you can put cash in and write your name on it so they can keep track and give you a receipt.

Yeah I know that now, but I was just giving a reason why Bidens return didn't reflect what they may have given at their church.

Funnily enough that what my accountant said, pay by check. Personally I would not give anything to any religious organization (cash or check or kind) but the wife is religious and she goes and gives whatever.

 

[Craig234]

Originally posted by: CPA
I'd like to know how they got away without being hit with AMT. Nice that they didn't include their Form 6251. Does anyone find it interesting that someone making over $2M doesn't get hit by AMT, but someone (like me), make less than a tenth of that does get hit? Whatever happened to the AMT being just for "the rich"?

They screwed it up by not indexing it to inflation, and should fix that.

 

[Whoozyerdaddy]

The Obamas and Bidens File Taxes

I guess somebody in that administration had to do it...

 

[Siddhartha]

Alternative Minimum Tax From Wikipedia

Originally posted by: CPA
I'd like to know how they got away without being hit with AMT. Nice that they didn't include their Form 6251. Does anyone find it interesting that someone making over $2M doesn't get hit by AMT, but someone (like me), make less than a tenth of that does get hit? Whatever happened to the AMT being just for "the rich"?

"The AMT currently sets a minimum tax rate of either 26% or 28% (depending on the amount of the taxpayer's "alternative minimum taxable income,"