Fair share? President Obama’s effective tax rate drops to 18.4 percent

http://twitter.com/#!/hale_razor/status/322800042593357824

Remember when Warren Buffett’s secretary was invited to the 2012 State of the Union address to serve as the president’s human prop for raising tax rates on the wealthy? Well, it didn’t work. The president and vice president released their tax returns today, and President Obama’s effective tax rate went down last year, to around 18 percent. That’s closing in on Mitt Romney territory, and we all know he was getting away with something.

Obama’s 2011 effective tax rate was 20.5 percent. In 2012 it was 18.4 percent

— Zeke Miller (@ZekeJMiller) April 12, 2013

Two questions immediately spring to mind. First, is that really Obama’s fair share? And second, can we have that rate too?

Obama’s paid 18.4% in tax for 2012?That doesn’t sound like their fair share. What about the 30% rate for millionaires in his budget? #tcot

— Ron Christie (@Ron_Christie) April 12, 2013

Obama pays a tax rate of 18%. Yes, you’ve all heard.I want to retell, reiterate, repeat, remind, reverberate and echo that tidbit, again.

— City Girl (@ConservCityGirl) April 12, 2013

Someone’s NOT paying their fair share! 18.4%? President Obama and Vice President Biden’s 2012 Tax Returns wh.gov/eO9n @whitehouse

— Patriot 7.62 x 51mm (@Patriot762x51mm) April 12, 2013

OBAMA: THE SELF-HATING ONE PERCENTERObama reports $600K income, paid 18.4% tax rate bit.ly/12UXUlf #tcot

— slone (@slone) April 12, 2013

Loopholes, loopholes.Gotta shut them loopholes RT @gretawire: what tax rate did Pres and Mrs. Obama pay? 18.4%

— John R. Gilliland (@John4Iowa) April 12, 2013

could someone tell me how obama paid only 18 % income tax even though he made over 600,000. what happened to the 35% over 250,000 pay.

— chuck ray (@crayfishman60) April 12, 2013

Obama in a 18% tax bracket! Something wrong. Somebody’s lying! Again!

— Paul Trahan (@aptrahan13) April 12, 2013

Wow … Mr. & Mrs. Obama only paid 18.4% tax rate. I wish that I could say that

— Joe Vargo (@ExecutiveLifePC) April 12, 2013

Vice President Biden reportedly made about half of what Obama earned, and yet his fair share turned out to be around 22 percent — still a much lower rate than Warren Buffett’s poor secretary was said to be paying.

If Obama’s paid only 18.4% tax rate, I want THEIR accountant (and do you wonder if Presidents ever get audited by IRS?)

— Greta Van Susteren (@gretawire) April 12, 2013

Maybe he counted the US debt increase as a loss on his personal taxes? #blowma“@gretawire: what tax rate did Pres and Mrs. Obama pay? 18.4%”

— Matt Drew (@depauwballa5) April 12, 2013

The president did confess to Jay Leno that he’s “pretty lost” when it comes to that “math stuff.”

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