Barack Obama Continues to Lie About Taxes – Part 2

By | October 1, 2012

Part 1 can be seen here: http://www.conservativedailynews.com/2012/09/barack-obama-continues-to-lie-about-taxes-part-1

Let me start by saying that my grandmother used to tell me that if any part of anything I say is a lie, if there is anything that can be pulled out that isn’t true… then I’m lying. Keep that in mind. Deceit is deceit.

Well, what about hypocrisy?

The quick answer: There is no difference.

What am I getting at? Well, as you saw in Part 1, Obama has been lying to the American people about the tax rates the average American pays. Part 2 focuses on how he acts hypocritically by calling out Mitt Romney and the wealthy for using “loopholes,” “write-offs,” and “deductions” to pay less in taxes while he himself uses these very tax law tools. Not only does Obama uses these instruments of tax avoidance himself, but he uses them at a higher rate than Mitt Romney. Yes, you read that correctly: Barack Obama is better than Mitt Romney at using “loopholes,” “write-offs,” and “deductions” to pay less in taxes. But don’t take my word; let’s look at Mitt Romney’s and Barack Obama’s tax returns. Since the dust hasn’t officially settled on Mitt Romney’s 2011 returns (he allegedly paid more in taxes than he had to), we will use his and Obama’s 2010 documents for this analysis.

Here is President Obama’s 2010 tax return: http://www.whitehouse.gov/sites/default/files/rss_viewer/POTUS_taxes.pdf (If this sounds a little facetious from here on out, please forgive me; you have to understand the sheer joy a conservative feels when showing just how hypocritical the left truly is).

Start by focusing your attention on page 1, line 22 – Total Income: $1,795,694 (and oh yeah, Barack Obama is in the 1% the left love so much to hate).

Next, look at adjusted gross income (AGI), line 37 at the bottom of the page: $1,726,096. What’s that?! He reduced his income by 1.69x the average American yearly income. Don’t worry; there’s more.

Go to the second page, near the top. Line 40 – Itemized deductions: $373,289. Holy cow! You mean Obama has used the current tax code, just as Mitt Romney has, to reduce his taxable income?

Line 43 shows the “smoking gun” – Taxable income: $1,340,247. Ta-da! President Obama has reduced his taxable income from the original $1,795,694 to $1,340,247, or by 25.4%!!!

Now let’s take a look at Mitt Romney’s 2010 tax return, and I can make this quick: http://thorndike.com/wp-content/uploads/2012/01/Romney1040-2010.pdf

Page 1, line 22 – Total Income: $21,661,334

Page 2 (it’s further in the document) Line 43, Taxable income: $17,120,067

To make sure we are comparing apples to apples, this means Mitt Romney reduced his taxable income by $4,541,267 or only 21%!!!

So when it comes to who is the biggest player of the US tax game… who reduces their income by more… who skirts the system by using these “loopholes,” “write-offs,” and “deductions” the most, not only is President Obama playing the same game… he plays it MORE. He plays it better. He does all this while deriding Mitt Romney and the wealthy… all while doing it with a straight face. If this isn’t a double standard, I don’t know what one is.

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