This is somewhat outdate, but it gives us an "eye" into Obama's tax dodging (or charitable contributions).
Senator Obama’s tax returns are pretty interesting. In comparing his 2007 tax return to previous years, other than a very significant increase in income, the major change is that Senator Obama has found a pretty good tax planner. Senator Obama has implemented several tax strategies that have reduced his 2007 Federal income taxes and if he continues with this planning, he and his family will save millions over the next couple of decades. Every step of the Obama tax plan appears to be 100% legal.
It is well documented that between 2001 and 2004, the only noteworthy items in the Obama tax returns were that (a) their charitable contributions were negligible (less than $8400 with earned income of over $981,000) and (b) they amassed literally no savings over the four year period reporting a total of only $33 of interest income with earned income of over $981,000.
It is also well documented that in 2005 and 2006, the only noteworthy items in the Obama tax returns were that (a) their charitable contributions rose to 3.5% ($92,867)of their adjusted gross income which now included book proceeds and amounted to $2.6M, (b) they continued to amass virtually no savings with total interest and dividend income in 2006 amounting to $5700 while earnings exceeded $1.6M in 2006 and $991K in 2007 and (c) following Senator Obama’s election to the United States Senate, they reported an almost tripling of Mrs. Obama’s salary from the University of Chicago Hospitals to $316,962 and her new Boards of Directors’ fees of $45,000.
In 2007, Senator Obama gave $240,000 of his gross income of $4.2M to charity (5.7%). In 2007, Senator Obama began to orchestrate his new tax plan. He implemented three important tax planning ideas: (a) Senator Obama initiated a Simplified Employee Pension (SEP) allowing him to contribute and deduct a $45,000 payment to a new personal retirement plan, a plan which will augment his governmental pensions and Mrs. Obama’s pension from University of Chicago Hospitals, (b) Senator Obama placed virtually his entire after-tax book proceeds into tax-free municipal bonds which produced non-taxable income of $45,000 and provided insulation against the recent stock market implosion and (c) Senator Obama created tax-free College Savings Plans for each daughter with a total funding of $240,000. (Senator Obama’s disclosure statements show these contributions to be between $200,000 and $500,000, but as no gift tax forms were filed, it is a professionally educated guess that these contributions were $120,000 for each child.) These plans will allow the Obama children to earn investment income without ever paying Federal income taxes if the funds are used for education.
Madam may I remind you that Obama is not evil? He is just BLACK and in the right place at the wrong time in U.S. history! Another 50 years and "he" should be more effective in the White House!
Bronze33: I'm still deciding which one is the lesser of two evils
potarick: Madam may I remind you that Obama is not evil? He is just BLACK and in the right place at the wrong time in U.S. history! Another 50 years and "he" should be more effective in the White House!
I'm not quite sure why the color of President Obama's skin would have even been mentioned. What a silly post or do you equate color with good and evil?...
This is election is going to be closer than Mea West whispering in your ear...."I want to know you big boy".......))
They are dead even in the swing states.
If we can only get Joe Biden to come out for self sacrifices on the Mayan temple of doom 2012 calendar of events. Saying that he was for gay marriage, as North Carolina voted it down.....kind of reminded me of such a position..........))
Scubadiva: what is his charitable giving record and has he given of what he made to anybody but the mormons?
I have not seen his charity record so I can't say. I do want to ask a question (does it make any difference at all what charity he donates to or his church)? I think he has given to others but it should no make a difference as long as he gives to help someone. I personally only donate money to the American Red Cross.
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Romney vs Obama for president?(Vote Below)