Barack and Michelle Obama's first tax return as the First Family was too generous to the IRS.
That's the assessment of Dorothy A. Brown, law professor at Emory Law in Atlanta. Brown notes in an article for Tax Analysts:
The first couple earned more than $5 million and paid 32 percent in federal income taxes. When compared with their peers, they paid too much. According to the most recent IRS statistics, most households with adjusted gross incomes of at least $5 million paid only 23 percent in federal income taxes. Were the Obamas trying to single-handedly reduce the deficit by paying extra taxes they did not owe? No. Their taxes were high because of how they earned their money.
The rest of Brown's analysis is available at TaxProf Blog via an arrangement between the University of Cincinnati College of Law professor and blogger and the tax publication.
- Obama, Biden release tax returns
- Obama's Nobel Prize tax implications
- Obama's taxes (Bankrate's Taxes Blog)
- Presidential (and wannabe) tax returns
- Obama and McCain release tax returns
- Cindy McCain relents, releases tax info
- Palin tax returns, tax questions
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