By: Elena Grace Flores
As Hillary Clinton released her latest federal income tax return rcently, that shows the couple paid more or less a third of their multi-million dollar income to the tax bureau. $10.6 million was paid in 2015, which is a lot less than the almost $28 million they made the year before.
Overall, their tax return showed that both paid $3.24 million in federal income taxes – which means their effective tax rate – a measure of their income tax burden – was 30.6% based on their adjusted gross income, that is on par with their 32% effective rate in 2014.
Clintons’ effective tax rate as 34%, included the $300,000 or a bit more the couple paid for self-employment taxes,considered as payroll taxes for Social Security and Medicare. They are normally not included in the calculation of federal income tax burdens as per basic practice.
This report clearly shows that Hillary Clinton and Bill have satisfied the Buffett Rule that she’d campaigned to implement if elected. The proposed mandate will rule that anyone with adjusted gross income over $1 million would would be paying a minimum of 30% of their income in taxes.
The couple are highly paid speakers and writers that accounted to the $6.7 million they made in speaking fees alone. That is a lot lower than the $20 million they made the previous year. $3.1 million was the income on various books they wrote. Bill Clinton’s consulting business also made around $1.7 million.$226,000 in pension and annuities were also received. Bill Clinton is also entitled to receive a pension worth of $200,000 annually as a former president. on top of that, they gained $109,000 in interest and dividends, with $3,000 in capital losses claimed that was carried over from prior years.They also donated $1 million Clinton Family Foundation, which is another entity and not the Clinton Foundation that has been scrutinized nowadays.
This move ultimately gave intense pressure to Donald Trump who is still hesitant to make his tax returns public. This is why she is pushing him to do so as they found some irregularities in it that might discourage Trump’s voters.Trump promised however that he would disclose it when the audit is complete but the damage has been done on his credibility on the issue because it will give the public a notion that he needs to delay things to be able to do something with his paying almost nothing as an active real estate tycoon that benefited from numerous federal tax breaks.
Aside from that, he is breaking with a 40-year bipartisan tradition of transparency that is asked for by the public from presidential candidates.
The actual value of his fortune and other businesses affiliations are now in question because of the delay. Thus giving hints to critics that he pays very little in income taxes or worst, nothing at all.