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Obama Releases Taxes, Does Not Qualify for Buffett Rule

Matt Vasilogambros | National Journal:

President Obama earned $789,674 in 2011, the White House announced on Friday. However, with this income, he does not even qualify for the so-called Buffett Rule that he has promoted relentlessly and the Senate will take up on Monday.

The Buffett Rule calls for those making over $1 million a year to pay a minimum tax rate, named after billionaire Warren Buffett. The president did earn over $1 million in previous years--$1.7 million in 2010 and $5.5 million in 2009.

The president paid $162,074 in taxes with an effective tax rate of 20.5 percent, according to the returns. Both Obama and Vice President Joe Biden are releasing their tax returns. The Obama campaign has pressured likely rival Mitt Romney to release his own returns, as well. ...continues...

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