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Tax Day and the Obamas

April 17, 2009

Well, Tax Day came and went – and for the first time ever, thanks to TurboTax, I was not standing in the post office line on the 15th biting my fingernails.  I was tipped off by Karthick about one of the nice features of TurboTax – at the end, it tells you how you compare to others in terms of taxes, charitable giving, other deductions, etc.  in your income bracket.  I thought it was very instructive to see those comparisons – did any of you do the same?  Brave enough to share what you found?

Pres. Obama w/families on Tax Day. (c/o whitehouse.gov)

Pres. Obama w/families on Tax Day. (c/o whitehouse.gov)

And speaking of taxes and charitable giving, the Obamas released their tax return yesterday:

[T]hey paid $855,323 in taxes on a combined household income of $2,656,902. The couple also reported giving $172,050 — nearly 6.5 percent of their earnings — to 37 charities, including $25,000 contributions to CARE, a global anti-poverty group, and the United Negro College Fund.

What a great example for the rest of us – 6.5% is a nice commitment in my mind.  I thought it was interesting that their two largest gifts were only $25,000, meaning that the remaining $125,000 or so was parsed out in smaller amounts.  Have any of you taken a look to see what other lucky charities got the First Family’s support?

While we’re on the subject of the Obamas, here is a great editorial from USA Today earlier this week by First Lady Michelle Obama on the importance of volunteering.

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