Friday, April 13, 2012
The fight over how best to tax the American people turned to the personal finances of the two competing presidential candidates Friday, as President Barack Obama and Vice President Joe Biden released their 2011 tax returns and called for all-but-certain GOP nominee Mitt Romney to do the same.
The move comes after a week of aggressive promotion from the White House and Obama’s reelection campaign on the so-called “Buffett Rule,” a measure increasing the tax rate to 30% for Americans making more than $1 million per year.
The tax returns released by the White House showed Obama and his wife, first lady Michelle Obama, made $789,674 in income in 2011, and paid an effective federal tax rate of 20.5%. Biden and his wife made $379,035 and paid $87,900 in total federal tax.
In a post on the White House blog accompanying the returns’ release, White House Press Secretary Jay Carney wrote the president’s proposed “Buffett Rule” would actually increase the percentage of income the Obamas would pay in taxes.
Full story here.