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| Re: Obama may have paid less in taxes than his own secretary (931375) | |||
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Re: Obama may have paid less in taxes than his own secretary |
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Posted by Charles G on Fri Apr 13 16:52:26 2012, in response to Re: Obama may have paid less in taxes than his own secretary, posted by LuchAAA on Fri Apr 13 16:09:20 2012. Yes. He donates the profits from his books (not the revenue, just the profits, I believe, but I could be mistaken) to charity. The profits increase his income, but it is equally offset by his donation of those profits to charity.So his tax is calculated on his net income after the charitable contributions, but the "tax rate" calculation people are throwing around compares his tax paid to his gross income before donating to charity. |
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