And so it begins…

I already warned you here about the Feds’ plan to seize your IRA, 401k, and other retirement savings.  This plan is about to be implemented: the Obama administration has a plan to limit the amount that rich people can have in their IRAs.

This is how it always starts.  Government officials attack the rich and state that the plan will only apply to them.  The next thing you know, you are paying the income tax that was designed to tax the rich.  You are forced into paying the Alternative Minimum Tax that was designed to tax the rich.

And now it comes out that

President Obama paid an effective federal tax rate of 18.4 percent in 2012.

Obama and his wife Michelle had adjusted gross income of $608,611 last year, down from $789,674 in 2011, and paid $112,214 in total taxes, compared to $162,074 in 2011.

Funny how the laws that are passed to tax ‘the rich’ never really seem to do the job…

UPDATE: it gets even better for Comrade ElJefe President Obama: now he won’t feel the effects of the fiscal cliff deal.  Also,

You will notice, however, that despite the fact that the President’s projected taxable income in 2013 would be $24,000 higher than in 2012 by virtue of the phase-out of a portion of his deductions – resulting in an $8,000 increase in regular tax liability –  his total income tax liability remains virtually unchanged courtesy of the alternative minimum tax.

Nice.  But here’s the kicker:

…of the $317 billion in additional revenue expected to be raised over the next ten years by the two Obamcare tax hikes, the President will personally be contributing a whopping $1,800 in 2013.

Being President.  It’s a nice gig if you can get it…

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Categories: Government Shenanigans

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