Obama family 2012
Total income: $662k
Adjusted gross income: $608k
Itemized deduction: $258k
Taxable income: $335k
Total tax: $112k
Effective tax rate: $18.4%
Itemized deductions:
State and local income taxes: $36.5k
Real estate taxes: $26.8k
Mortgage interest: $45k
Gifts to charity: $150k
Cap the itemized deductions at 10% of adjusted gross income!
Do not allow to deduct mortgage interest and points
Do not allow to deduct real estate taxes
Allow a flat tax rate of 5% for gifts to charity
Tax long term capital gains at the same rate as every other income
Abolish foreign income credit
