Could Obama Get A Tax Break For His Publicity Stunt?
President Barack Obama announced earlier in the week that he would take a 5 percent pay cut to his Presidential salary in support of Federal employees affected by sequestration cuts.
â€śThe president has decided that to share in the sacrifice being made by public servants across the federal government that are affected by the sequester, he will contribute a portion of his salary back to the Treasury,â€ť Jay Carney, a White House spokesman, said in a statement.
But before you get too sentimental about the Presidentâ€™s benevolent sacrifice, remember this: At the 39.6 percent top Federal tax rate, the $20,000 that Obama will donate from his $400,000 annual salary can be deducted as a charitable donation when he files his taxes to yield the President a $7,920 tax rebate.
No word on whether Obama intends to deduct the money, but if he does it will create quite a redundant transaction: The Government pays Obama, Obama pays the government and government pays him again.
Sam Rolley Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.
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