Unfortunately for Obama, he doesn’t qualify for his “Buffett Rule” tax plan — nor does Biden — meaning, he wouldn’t have the benefit of seeing his tax rate jet to the moon. Poor guy. I guess you can’t have both sides of the coin.
Barack and Michelle raked in just under $800,000, so the new tax rate for the purported million-dollar income level wouldn’t apply to them. The Biden family hauled in just under $400,000, so they’re also in the clear.
As far as charitable donations, Obama marked an 8-percent improvement over 2010. But Biden is the one who should really be proud, as he and his wife managed to dole out $5,540 to charity, or about 1.5 percent of their income. It may seem paltry, but believe it or not, it’s improvement:
The Bidens reported giving $995 in charitable donations last year — about 0.3% of their income… The low was $120 in 1999, about 0.1% of yearly income.
Over the decade, the Bidens reported a total of $3,690 in charitable donations, or 0.2% of their income.
However, the ten-year average is the real bombshell: The Bidens contributed to charities an average of $369 per year for the last decade.
I guess that means forced charity (i.e. taxation) is the only true form of philanthropy.