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Taxes are for suckers
President Obama’s 2011 income tax documents showed on Friday that he paid a significantly higher rate than the significantly richer Mitt Romney, highlighting the titanic level of tax shirking committed by far too many 1 percenters.
President Obama paid 20.5 percent on earnings of $789,674. The President’s total income is the amount Romney raked in every two weeks last year, for a total of $21 million. Romney, the likely GOP presidential nominee, has estimated he’ll pay a tax rate of only 15.4 percent. Romney is among the millionaires and billionaires – the 1 percenters – enjoying the lowest levels in 50 years. Some pay nothing!