The Obama Tax Return for 2008

[Lisa0315]

http://media.mcclatchydc.com/smedia/2009/04/15/17/Talev-2009-Obama-1040.source.prod_affiliate.91.pdf

I thought this was so interesting, but then, I am an Accounting geek. The best pages are his cash donations.

Lisa

[dancer_rnb]

So, the Obama's donated more than I earned last year.

[Lisa0315]

So, the Obama's donated more than I earned last year.

Way more than I earned last year. More than double.

I read it as a "cover all my bases" donations. :D

[nygreenguy]

he got a refund!?!?

[Eudaimonist]

I thought this was so interesting, but then, I am an Accounting geek. The best pages are his cash donations.

Very clever PR move for a politician. Yes, I'm being cynical.


eudaimonia,

Mark

[dancer_rnb]

he got a refund!?!?

Well, if you play it safe by overpaying your taxes, you get a refund

[nygreenguy]

he got a refund!?!?

Well, if you play it safe by overpaying your taxes, you get a refund

That's not playing it safe, its giving the government an interest free loan!

[Worldtraveller]

he got a refund!?!?

Well, if you play it safe by overpaying your taxes, you get a refund

That's not playing it safe, its giving the government an interest free loan!
When you make almost $3Mil/year, you can afford it. :p

What page has his donations? Save me some searching, please.

[Lisa0315]

Page 28, WT...that is where the charitable contributions are.

[Lisa0315]

he got a refund!?!?

Well, if you play it safe by overpaying your taxes, you get a refund

That's not playing it safe, its giving the government an interest free loan!

It is a lot harder when you are estimating your tax for self-employment especially in the first year. Technically, he did not have to do that the first year, although, it would have looked pretty bad if he hadn't. Anyone else, it would not have mattered, but someone smart advised him to go ahead and pay the estimates in the event that he won the election and his returns went public.

Lisa

[Nohweh]

That's not playing it safe, its giving the government an interest free loan!Yup, and that's how they set up the game. The cost of the loan is less than the cost of the penalty if you lose your wager. The smartest CPAs have you owing as much as possible without penalty when tax day comes around. And if they make a mistake, they can always get creative with the accounting. :rolleyes:

[Stout Drinker]

Obama gave a relatively paltry amount amount to charity prior to 2005. It was only after being elected Senator and he started running for president that his charitable contributions increased.

http://taxprof.typepad.com/taxprof_blog/2008/03/obama-releases.html

[nygreenguy]

Obama gave a relatively paltry amount amount to charity prior to 2005. It was only after being elected Senator and he started running for president that his charitable contributions increased.

http://taxprof.typepad.com/taxprof_blog/2008/03/obama-releases.html

But isnt that the same time his income also greatly increased?

[Stout Drinker]

Obama gave a relatively paltry amount amount to charity prior to 2005. It was only after being elected Senator and he started running for president that his charitable contributions increased.

http://taxprof.typepad.com/taxprof_blog/2008/03/obama-releases.html

But isnt that the same time his income also greatly increased?

http://taxprof.typepad.com/taxprof_blog/images/2008/03/25/obama_tax_returns_2.jpg


Between 2000 and 2004 he gave about 1% of his AGI to charity. In 2005 it went to 4.7, 2006 it was 6.1 percent. In 2008 charitable contributions was 6.5% of his AGI. So yes his income has gone up but the percentage given to charity has increased even more. The increase is pronounced after he decided to run for president.