Based on his newly released 2011 tax return, Barack Obama might have even more ammo than before against Mitt Romney when it comes to comparative "everyman" cred. Or he just might have a few financial issues to worry about. While the Obamas still took in an obscene amount of money compared to the average American (not to mention compared to the average blogger) with an AGI of $789,674, those numbers actually represent a drop in income of about $1 million from 2010. They also paid an income tax rate of about twenty percent, parting with $162,074.
Does this mean the first family is rapidly descending into the ninety-nine percent? Most likely not. What it really means is that the President should get back to writing books, given that his profits as an author tend to account for around half of his income. Meanwhile, Romney has yet to release his 2011 return, but is estimated to have raked in approximately $20.9 million in the past year, and is expected to pay a tax rate of around fifteen percent.
Rather than being irked by his higher tax rate, Obama's camp released a statement saying that his family should be paying more, and encouraging a tax code that would require "the wealthiest Americans to pay their fair share while protecting families making under $250,000." Is there anything quite as fraught and depressing as the collision of tax season with election season?
Image by Dave Herr.