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Gerry Clinchy
04-15-2010, 06:04 PM
Thought it interesting.

Barry & Michelle earned $5.5 million in 2009. $1.4 million was from the Nobel prize. He gave that away to charity.

That means they earned $4.1 million over and above that. The majority of that was from his two books. The President's salary is only $400,000/year.

After charitable donations and Federal and State Income taxes they were able to have about $1.82 million left to live on.

Joe Biden, OTOH, earned $333,182; of which $227,300 was his salary as VP. He and his wife gave a whopping $5000 to charity (about 1.5% of income) while they paid $71,147 in Federal Taxes (21.35% of their total income). Didn't mention their state taxes.

http://www.msnbc.msn.com/id/36563288/ns/politics-white_house/

code3retrievers
04-15-2010, 06:39 PM
Biden is notorious for being a tightwad. I bet most of us gave more to charity then him.

M&K's Retrievers
04-15-2010, 07:17 PM
Thought it interesting.

Barry & Michelle earned $5.5 million in 2009. $1.4 million was from the Nobel prize. He gave that away to charity.

That means they earned $4.1 million over and above that. The majority of that was from his two books. The President's salary is only $400,000/year.

After charitable donations and Federal and State Income taxes they were able to have about $1.82 million left to live on.

Joe Biden, OTOH, earned $333,182; of which $227,300 was his salary as VP. He and his wife gave a whopping $5000 to charity (about 1.5% of income) while they paid $71,147 in Federal Taxes (21.35% of their total income). Didn't mention their state taxes.

http://www.msnbc.msn.com/id/36563288/ns/politics-white_house/

I read somewhere today (don't ask me for a link because I didn't think that much of it at the time) that the money from the Peace Prize was donated directly to the charities from Nobel and therefore not included in the $5.5 Million nor deducted from his income. You can add $1.4 to the $1.82 for a nice comfy income as public servant of $3.22 Million. Not bad for a guy from from ACORN. Wonder who bought his books? I haven't found a single person who has purchased one.

mjh345
04-15-2010, 08:48 PM
I read somewhere today (don't ask me for a link because I didn't think that much of it at the time) that the money from the Peace Prize was donated directly to the charities from Nobel and therefore not included in the $5.5 Million nor deducted from his income. You can add $1.4 to the $1.82 for a nice comfy income as public servant of $3.22 Million. Not bad for a guy from from ACORN. Wonder who bought his books? I haven't found a single person who has purchased one.

Why are you adding 1.4 to his 1.82 when your own "source" acknowledges that the 1.4 was donated directly to the Nobel charities?

Hoping you don't work for the IRS regards

YardleyLabs
04-15-2010, 08:57 PM
... Wonder who bought his books? I haven't found a single person who has purchased one.
I suspect it's the circles you travel in. I believe everyone in my extended family has purchased and read at least one of his books. I do not believe that there is any way to avoid reporting the Nobel prize money on his tax return.

M&K's Retrievers
04-15-2010, 09:27 PM
Why are you adding 1.4 to his 1.82 when your own "source" acknowledges that the 1.4 was donated directly to the Nobel charities?

Hoping you don't work for the IRS regards

The original post said they made 5.5 including the 1.4. I said the 1.4 was not included in the 5.5.

You figure it out regards

M&K's Retrievers
04-15-2010, 09:30 PM
[QUOTE=YardleyLabs;600051. I do not believe that there is any way to avoid reporting the Nobel prize money on his tax return.[/QUOTE]

Crap! Am I going to have to go find that that link?

M&K's Retrievers
04-15-2010, 10:03 PM
[QUOTE=YardleyLabs;600051 I do not believe that there is any way to avoid reporting the Nobel prize money on his tax return.[/QUOTE]

Found it. According to the Washington Post "... not included on the tax return was the $1.4 Million..." "...Officials noted that a special IRS regulation allows the recipiant of a Nobel Prise to donate the award to charity without having to report it as income..."

M&K's Retrievers
04-15-2010, 10:16 PM
I suspect it's the circles you travel in. I believe everyone in my extended family has purchased and read at least one of his books.

Well I guess me and "my kind" have been insulted. The circles I travel in are doctors, lawyers, oil and gas investors, cattle breeders, business owners, dog people and a few hunting/fishing guides. Perhaps someone should do an RTF poll on how many people have purchased one of his classics.:rolleyes:

mjh345
04-15-2010, 11:35 PM
The original post said they made 5.5 including the 1.4. I said the 1.4 was not included in the 5.5.

You figure it out regards

Why would you add the 1.4 to his income when your source[and every other one that I know of] indicated that it was all donated?

Help me figure it out regards

M&K's Retrievers
04-16-2010, 12:45 AM
Why would you add the 1.4 to his income when your source[and every other one that I know of] indicated that it was all donated?

Help me figure it out regards

I'll try this one more time. The original poster assumed the $1.4 was included in the $5.5 which it was not. He then subtracted the $1.4 from the net which was incorrect. I just aded it back in.

YardleyLabs
04-16-2010, 05:54 AM
Found it. According to the Washington Post "... not included on the tax return was the $1.4 Million..." "...Officials noted that a special IRS regulation allows the recipiant of a Nobel Prise to donate the award to charity without having to report it as income..." The actual link is at http://www.washingtonpost.com/wp-dyn/content/article/2010/04/15/AR2010041504485.html. $3.3 million in book sales plus $500,000 inherited from his grandmother. Not bad.


Well I guess me and "my kind" have been insulted. The circles I travel in are doctors, lawyers, oil and gas investors, cattle breeders, business owners, dog people and a few hunting/fishing guides. Perhaps someone should do an RTF poll on how many people have purchased one of his classics.:rolleyes:I wasn't dissing the circles you travel in, or suggesting they couldn't read:rolleyes:. However, I suspect that your acquaintances may be a little more conservative than my family and that political leanings probably influence the likelihood that someone will buy one of Obama's books. I assume that you also recognize that there may be a pretty big gap between the political center of gravity on RTF as a whole as compared with the rest of the country.

mjh345
04-16-2010, 06:22 AM
I'll try this one more time. The original poster assumed the $1.4 was included in the $5.5 which it was not. He then subtracted the $1.4 from the net which was incorrect. I just aded it back in.

The OP said that after taxes and charitable contributions they were left with 1.82 mil to live on.
You then added the 1.4 to the OP's 1.82 figure and came up with 3.22 mil.
Why did you add that 1.4 in when the OP was talking about the money they had to live on? Obviously they don't have that 1.4 to live on as it was all given away to charity

Still hoping you don't work for the IRS regards

YardleyLabs
04-16-2010, 07:15 AM
The OP said that after taxes and charitable contributions they were left with 1.82 mil to live on.
You then added the 1.4 to the OP's 1.82 figure and came up with 3.22 mil.
Why did you add that 1.4 in when the OP was talking about the money they had to live on? Obviously they don't have that 1.4 to live on as it was all given away to charity

Still hoping you don't work for the IRS regards
As I read Gerry's OP, he subtracted the $1.4 million from the $5.5 as a charitable donation. However, of the $5.5 million, only $329,000 went to charity and another $1.79 million went to US taxes. An unreported amount went to foreign taxes on book royalties from foreign sales. Ignoring the foreign taxes, they had about $3.4 million to live on. Had the Nobel Prize money been reported as income, the total would have been $6.9 million with 1.74 million in charitable donations.

badbullgator
04-16-2010, 07:27 AM
Who cares?

Gerry Clinchy
04-16-2010, 07:28 AM
Had the Nobel Prize money been reported as income, the total would have been $6.9 million with 1.74 million in charitable donations.

Yes, that is the same logic I would have been using. Essentially, I over-stated their net income by assuming the Nobel money was part of the $5.5 million ... which, it appears, it was not. The msnbc link did not break out the sources of income.

$3.3 million in book sales ... I wonder how many books that works out to be?

$500,000 inheritance. That might indicate that O did not come from such "humble" beginnings (v. Herman Cain, whom we were just discussing on another thread).

dback
04-16-2010, 07:31 AM
Who cares?

:-) :-) :-)

M&K's Retrievers
04-16-2010, 09:01 AM
Who cares?

Not me. I can't spend it.:(