No wonder President Obama is so keen on passing the Buffett Rule — it wouldn’t have affected his tax rate this year!
Yes, that’s right: the Obamas raked in less than $1 million this year. Therefore, in a “Buffett Rule” world, they wouldn’t have to pay their “fair share.”
President Obama earned $789,674 in 2011, the White House announced on Friday. However, with this income, he does not even qualify for the so-called Buffett Rule that he has promoted relentlessly and the Senate will take up on Monday.
The Buffett Rule calls for those making over $1 million a year to pay a minimum tax rate, named after billionaire Warren Buffett. The president did earn over $1 million in previous years–$1.7 million in 2010 and $5.5 million in 2009.