Barack and Michelle Obama's 2011 tax forms have been made public and they reveal some interesting items. First, they have income of almost $790,000, but their effective tax rate was slightly over 20 percent. Many of us would love to pay that rate! I suppose Obama is trying to amplify the "rich don't pay their fair share" malarkey. Wouldn't they set a great example by saying "We want to pay our 'fair share' so we are foregoing itemized deductions"? But that doesn't fit with "the rules don't apply to liberal, ivy league-educated elites."
Another interesting item involves the purchase and sale of U.S. Treasury securities.