President Obama paid the IRS $112,214 in taxes on his Adjusted Gross Income of $608,611 – or 18.4%. Let’s look at how he did it:
– As a homeowner, he is able to take advantage of the Mortgage Interest Deduction
– He is a charitable man, giving cash donations to increase his itemized deductions
– He contributed $50,000 to himself – in the form of a self-employed Retirement Plan
18%! – and nothing at all to due with the 15% Capital Gains rate utilized by Romney – Not Bad.