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The American Taxpayer Relief Act of 2012 raised the income tax rates for individuals earning over $400,000 and couples over $450,000. There are numerous exemptions and deductions, that typically result in a range of 35–40% of U.S. households owing no federal income tax.
The Tax Policy Center estimated that the bottom 80% tax filers by income would receive a net benefit, if ACA premium tax credits (subsidies) are included. The 80th–99th percentile would incur a small cost (0-0.1% increase in average federal tax rate) while the top 1% would incur a 0.2% increase.
In December 2007, Money Magazine estimated Obama's net worth at $1.3 million (equivalent to $1.9 million in 2023). [97] Their 2009 tax return showed a household income of $5.5 million—up from about $4.2 million in 2007 and $1.6 million in 2005—mostly from sales of his books.
He likely had around $7,500 (equivalent to $127,000 in 2023) in cash and government bonds when nominated for vice president. [ 309 ] His finances were transformed by his accession to the presidency, which carried with it a salary of $75,000 (equivalent to $1,269,000 in 2023), which was increased to $100,000 (equivalent to $1,281,000 in 2023) in ...
[41] [42] He has suggested that he would be open to a 90% top marginal tax rate (a rate that last existed during the years after World War II) for the wealthiest earners, as well as a 52% top income tax bracket. [43] He has proposed a top marginal rate of 65% for the federal estate tax, up from the current 40% rate. [44]
The US "National Income and Product Accounts" divide incomes into five categories: Wages, salaries, and supplementary labor income; Corporate profits; Interest and miscellaneous investment income; Income earned by sole proprietors and from the Housing subsector (net of expenses) Net income from transfer payments from businesses
The pre-tax net operating income at the building as of 2011 was $20.89 million and is valued between $350 million and $400 million, according to the New York Department of Finance. Trump took out a $160 million mortgage attached to the property with an interest rate of 5.71% to use for other investments. [ 181 ]
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