President Obama Unaffected by Buffett Rule
One of President Obama’s favorite lines when advocating for tax hikes on job creators is to say:
“You can’t give over $4 trillion worth of additional tax cuts, including to folks like me who don’t need them and weren’t asking for them…”
He uses some form of this line in almost every speech he gives on the economy, reminding all of us that we don’t have a bestselling book and that he doesn’t need any extra money. He apparently speaks for every wealthy American too, saying they don’t need any extra money either, you know, to create jobs or anything.
Now the President is pushing hard for Congress to pass the Buffett Rule – a tax hike on job creators and investors making over $1 million a year. It says that if someone earns more than $1 million a year, they get hit with a special tax rate, that jumps as high as 30%.
Here’s the kicker: the Buffett Rule wouldn’t affect President Obama.
According to the Washington Post, the Obamas earned $789,674 last year, and they paid $162,074 in taxes for a tax rate of about 20.52%.