Today is tax day.
The day the government attempts to confiscate enough revenue to fund its various indiscretions.
The day that Americans find out how much they have to pay, or how large an interest free loan they gave Uncle Sam all year.
So, The Oldtimer thinks it's only fair we check on the tax return of America's CEO, the O-man and family.
Based on what the White House has released, The socialist in chief earned a total of $5,505,409 in 2009, far above the designated Presidential salary of $400,000 per year.
That's because he's good some good book residual deals, and because he scored that Nobel prize package during his first month in office.
A White House official said Obama's money is not kept in a blind trust, as all other modern presidents -- including both Bushes, Bill Clinton and Ronald Reagan -- have done.
To his credit, he gave away about $330,000, including the Nobel Prize money (perhaps even he realized he didn't deserve it).
That left a tax bill, after standard and special deductions, of about $1.8 million.
So, let's review: $5.5 million income, less $300K donations, less $1.8 million in taxes means the O-man and his family netted about $3.4 million after taxes.
So, based on his speeches and his comments during the campaign, during the healthcare debate, and during other Congressional conversations, the O-man clearly qualifies as "rich", and certainly is part of the top "super rich" top earners in America.
The O-man and his family are coincidentally the typical "family of four" that he so often talks about when referring to taxpayers.
The "typical family" that the Federal Government uses as a measuring stick of economic conditions in the United States.
The "typical family" that has a median gross family income of $50,202.
1/100th of the O-man's family's gross income.
Or, to put it another way, the O-man's family earned more on two weeks than the typical American family earns in two years.
The O-man has loudly and vehemently insisted that we should raise taxes on the rich... that it is a civic and patriotic duty for the rich to pay more taxes.
Yet, upon review of the O-man's tax return, it's apparent that he took every available deduction and tax avoidance strategy... that's how he got the $606,170 in deductions to gross income, and the $514,819 in deductions to adjusted gross income.
So, it would appear that this is yet another "Do as I say, not as I do" moment for the O-man's "credibility".
Of late, the O-man has been sounding the alarm about deficits... advocating "all of us will need to accept some hardship" in order to reduce the deficits that the O-man has created through his wild and ill advised spending spree.
The Oldtimer thinks the O-man should lead by example.
There is absolutely nothing preventing the O-man from keeping his Congressionally approved salary of $400,000, and writing a check for his remaining $3 million net income directly back to the US Government specifically earmarked for reducing the deficit, or even the national debt.
After all, he ran for the job knowing full well what it would pay, he ran on being a full time President, and, he gets free housing, free travel, free healthcare, and free pensions for life as a benefit package.
Even without the benefits being figured in, his $400,000 net income would still be eight times the US median income for a family of four.
And, since the 2009 Poverty Guidelines for the 48 Contiguous States and the District of Columbia for a family of four sit at $22,050 net annual income, he'd still be 16 times better off than those whose lives the Democrat party says they're dedicated to improving.
Writing a check for the extra $3 million back to the government could certainly go some distance in helping them as well.
The O-man's got no trouble screwing with my money.
Let's see if he feels the same way when somebody tries to spread his wealth around, or confiscate it in higher taxes.
“Leadership is practiced not so much in words as in attitude and in actions.” ---- Harold S. Geneen
“Leadership is action, not position.” ---- Donald H. McGannon
