During his recent State of the Contradiction address before a joint session of Congress, the President in typically impressive oratory tried his carnival barker best not to allow anyone to examine the fine print.
For example, the CEO of hope and change exhorted lawmakers on the need for higher domestic energy production, but somehow neglected to mention that just days before, he had blocked the proposed Keystone Oil pipeline project.
Minutes later, he addressed expanding tax relief for small business owners, but then under an alternate definition, referred to them as millionaires (those making over $250,000) and proposed raising taxes on them under the Buffet Rule. Although it's hardly a secret that economics isn't the President's strong suit, he should be aware that the Oracle of Omaha amassed much of his fortune paying the lower tax rate on capital gains.
But the evening's Triple-A-rated contradiction stemmed from his statement that "everyone should pay his or her fair share of taxes" in an attempt to rectify the shopworn mantra of income inequality.
I'm wondering if that fair share doctrine also applies to his office personnel?
An IRS report reveals the more than mildly embarrassing fact that some 36 of President Obama's executive office staff owe Uncle Sam $833,970 in back taxes. Apparently, to some, "fair share" is synonymous with "no share."
There have been a number of articles and reports chronicling the compensation largesse of Obama's staff, with roughly 450 of his aides garnering aggregate paychecks of more than $37 million last year. For those keeping partisan score at home, that's $4 million more than under his Oval Office predecessor.
More than 30 percent of his aides earn over $100,000, with 21 of them making the White House ceiling of $172,200, according to a number of reports.
But to be fair, Obama staffers are far from the only federal offenders in this category. The IRS report shows that thousands of federal employees owe a not insignificant $3.4 billion in back taxes.
To break that down by sector, employees of the Senate owe $2.1 million, the House $8.5 million, and the Department of Education $4.3 million to name just a few.
As a resident of one of the highest taxed states in the union, you can imagine how the cloying "paying your fair share" resonates with me.
But apparently not with everyone.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access