What's the #1 "trending in politics" story on FoxNews.com right now? "Obama paid lower tax rate than secretary." Hypocrite In Chief! How much of "Bam's" deductions were for water guns? Or prostitutes? This totally undercuts the president's message that rich people should pay more in taxes.
President Obama made $789,674 in 2011 and paid $162,075 in taxes, an effective rate of 20.5%, which the White House confirmed was lower than his secretary, Anita Breckenridge. One of the reason's the president's rate is so low is because he gave away 22% of his adjusted income to charity.
If Obama's rate is "just 20%," look for Mitt Romney's rate to be even lower, given that he makes his income from investments and is therefore subject to lower tax rates (in 2010 it was shy of 14%). The candidate and his workaholic wife Ann filed for an extension on their taxes, but Romney said in January he expects the rate to be around 15%.
Though the Senate is voting on the Buffett Rule on Monday, the measure is expected to be snuffed out in the House, which is exactly what the president wants anyway.
All of this is to say that they're trying to wrap this thing up by Labor Day.
