Obama Doesn't Qualify for 'Buffett Rule'
11:18 AM, Apr 13, 2012 • By DANIEL HALPER
President Obama has implied that he himself would pay more under the Buffett Rule--and that he supports it anyway. But according to tax returns released today by the White House, the Obamas wouldn't have to pay higher taxes under the Buffett Rule.
As the White House explains on its website, "The Buffett Rule is simple principle that everyone should pay their fair share in taxes. No household making more than a $1 million should pay a smaller share of their income in taxes than middle-class families pay. For the 98 percent of American families who make less than $250,000, taxes should not go up."
But in 2011, the Obamas made $789,674 in adjusted gross income, less than a million dollars.
"The President’s effective federal income tax rate is 20.5%," the White House reported today. That's less than the minimum rate the Buffett Rule, which wouldn't apply to them anyway, would require.