In an effort to get across his ideology on the national tax system, President Obama released his 2011 federal tax returns late last week. In the published documents, it is shown that the Obamas paid 20.5% in taxes on a total income of $789,674.
In such light, Obama continues to advocate for higher taxation policies for the wealthiest Americans. He is also persistent in doing away with laws that have allowed millionaires to pay lower taxes. Such include laws President George W. Bush implemented that limited taxes on capital gains and investment retuns to 15%.
Obama further cited Warren Buffet’s statement that he paid lower rate taxes than his secretary. The President has thus proposed the “Buffett Rule”, which would require families earning $2 million to pay 30% in taxes.
Republicans have countered this by stating that such a law would not have applied to Obama this year. Also, they reasoned that individuals like Obama could “pay extra tax voluntarily”.
In the meantime, representatives from the Obama campaign have publicly scrutinized Romney for not having disclosed his federal tax returns yet. However, a spokesperson for the presumptive Republican presidential nominee assured he will do so “prior to the election”.