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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Apr 19, 2011
Page
11
IRS data show the top 400 households had an average income around 345 million in 2007 with a 17 percent federal tax rate, far below the 26 percent in 1992, while 45 percent of households pay no federal income tax. The piece details widespread deductions and credits totaling 1.1 trillion dollars in 2009.
Standard & Poor's lowered the United States fiscal outlook from stable to negative and warned of possible loss of its triple A rating within two years if lawmakers do not curb the federal deficit. A downgrade would raise borrowing costs and tighten credit, signaling a political warning to Obama and Republicans. The market fell, with the Dow dropping sharply before closing down.
White House spokesman Jay Carney downplayed Standard and Poor’s decision to downgrade the U.S. debt outlook. He called the move a welcome prompt for bipartisan deficit reduction, noting the president and Congress favor a $ trillion cut and will begin negotiations toward a deal.
President Barack Obama and Michelle Obama report 1.728 million dollars in income for the year, largely from book sales, with federal taxes paid of 453,770 dollars and a 12,334 dollar refund. They donated 245,075 dollars to 36 charities, about 14.2 percent of adjusted gross income.
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