If the Bush tax cuts hadn’t been extended and the president hadn’t chosen to employ those tax breaks he despises so much, Pres. Obama could’ve paid $103,067 more in taxes than he actually did for 2011. And, with the help of a government website, he could still pay it, anyway.

The White House reported today that the Obamas has adjusted gross income (AGI) of $789,674 in 2011, on which they paid $162,074 in federal taxes. That works out to a tax rate of 20.5% of AGI.

Without using any type of credits to reduce the taxes paid on their AGI, at the current rate, that would make the Obamas’ tax liability $246,257:

$102,574 + 35.0% of anything over 379,150:

$789,674 – $379,150 = $410,524

$410,524 X 35% = $143,683

$143,683 + $102,574 = $246,257

But, the Obamas actually paid $162,074. If they’d paid the full amount, they’d have paid $84,183:

$246,257 – $162,074 = $84,183 more in tax

And, if the Bush tax cuts hadn’t been extended, the Obamas could’ve paid $103,067 more (without taking credits).

The base tax rate on their tax bracket would have increased from 35% to 39.6%, thus:

$789,674 – $379,150 = $410,524 X 39.6% = $162,567

$162,567 + $102,574 = $265,141

$265,141 – $162,074 = $103,067 more in taxes, had Bush tax cuts expired

But, it’s not too late for the Obamas to make up that $103,067, if they feel they feel people like them are under-taxed and unfairly taking advantage of tax breaks.

At www.pay.gov, the Bureau of Public Debt has an online form that would enable the Obamas to pay that $103,067 “to help reduce the public debt.”

And, yes, the form even allows the Obamas to put it on a credit card – which could come in handy given the president’s apparent disposition to running up debt.

(Source: CNS News)