On Friday, the White House released the President’s tax returns. Apparently, the Obamas have been hit by the bad economy. In 2009, they brought home $5.5 million. In 2010, they earned $1.7 million. And in 2011, they made $789,674.
President Barack Obama has been adamant that America’s wealthiest should pay higher taxes. Under the Buffett Rule, those making more than $1 million would be heavily taxed.
Obama pushed the plan during a year in which he earned less than $1 million.
But White House Press Secretary Jay Carney said the President would feel the effects of his own proposals.
“Under the president’s own tax proposals, including the expiration of the high-income tax cuts and limitations on the value of tax preferences for high-income households, he would pay more in taxes while ensuring we cut taxes for the middle class and those trying to get in it,” Carney said.