» A dip from prior years: Obama’s taxes show a dip in income from his book sales — which earned him millions of dollars in prior years — to the point where it makes up roughly half of his income in 2012, with the other half coming from his presidential salary. The president, it turns out, made under the $1 million in income that would force him to pay higher taxes under his proposed “Buffett Rule.” Obama certainly isn’t struggling, though his income doesn’t compare to what his likely GOP competitor, Mitt Romney, has made in recent years. In other news, we’re betting this post is reminding you that you forgot to do your taxes. Better get on that!
Obama vs. Romney on tax rates: As you can see, rates are largely the same—except for the nation’s richest and poorest. The poor would pay almost twice as much in taxes under Romney’s plan; meanwhile, the very richest in the country would be forced to cough up about 10% more of their income under Obama. The net effect? In short, Romney’s plan would reduce federal revenues to about 17% of GDP—down .9% from where they are now. Obama’s budget would raise revenues 19.2%, with most of that money coming from those making over $250,000 a year (Graphic and data courtesy of The Washington Post / Tax Policy Center).
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