Did the Obamas over pay their taxes?

May 19, 2010

Barack and Michelle Obama's first tax return as the First Family was too generous to the IRS.

That's the assessment of Dorothy A. Brown, law professor at Emory Law in Atlanta. Brown notes in an article for Tax Analysts:

The first couple earned more than $5 million and paid 32 percent in federal income taxes. When compared with their peers, they paid too much. According to the most recent IRS statistics, most households with adjusted gross incomes of at least $5 million paid only 23 percent in federal income taxes. Were the Obamas trying to single-handedly reduce the deficit by paying extra taxes they did not owe? No. Their taxes were high because of how they earned their money.

The rest of Brown's analysis is available at TaxProf Blog via an arrangement between the University of Cincinnati College of Law professor and blogger and the tax publication.

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TAX-SAVVY WAYS
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill.

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings.

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year.

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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