Archive for September 28th, 2012

September 28, 2012

How Much Do the Candidates Donate, Pay in Taxes?

This Presidential Election campaign season, the mainstream media has paid a great deal of attention to candidate tax returns. Now, I’d like to join the conversation by looking at the candidates’ 2011 federal tax returns.

In this post, I’m not going to suggest that one candidate is better than the other. I’m certainly not going to endorse a candidate.

While we may disagree on what the numbers mean or whether they mean much of anything at all, I suspect we’ll all agree that the numbers are interesting to look at, at least for a few moments.

From the perspective of public policy, Barack Obama wants to limit tax deductions for charitable giving. For his part, Mitt Romney has hinted that he may also seek to limit the tax deduction for charitable giving but, so far, he has not offered specifics about where he stands on the details of tax policy.

So, I thought it would be worthwhile to review how much money each candidate has contributed to the US Treasury and to the nonprofit sector.

I’ll leave it to you to decide how relevant or important this information is to your voting decision or what you think the potential impact is for the nonprofit sector.

I’ve put together the following chart based on a Fox News report that looked at candidate tax filings for 2011:

 

CATEGORY

OBAMA

BIDEN

ROMNEY

RYAN

ADJUSTED GROSS INCOME

$789,674

$379,035

$13,696,851

$342,416

CHARITABLE DEDUCTION

$172,130

$5,540

$2,250,772

$12,991

CHARITABLE GIVING %

21.8%

1.5%

16.4%

3.8%

FEDERAL TAXES OWED

$162,074

$87,900

$1,935,708

$64,764

EFFECTIVE TAX RATE

20.5%

23.2%

14.1%

18.9%

GIVING + TAX %

42.3%

24.7%

30.5%

22.7%

 

read more »

%d bloggers like this: