The Obamas paid more than $162,000 in federal taxes on income of $789,674. The custom that presidents release their tax returns dates to the Nixon administration.
From outside, the workings of a big bureaucracy like the IRS seem mysterious and arbitrary. From the inside, it all makes perfect sense. Actually, you could say that about most workplaces.
Nina Olson is the National Taxpayer Advocate – the voice of the public at the IRS. She's trying to help you navigate the tax code you love to loathe.
President Obama wants a proposed "Buffett rule" to make sure that millionaires pay at least a 30 percent federal tax rate. Here are five facts that shed light on the Buffett rule and the debate surrounding it.