Fair share? President Obama’s effective tax rate drops to 18.4 percent

Remember when Warren Buffett’s secretary was invited to the 2012 State of the Union address to serve as the president’s human prop for raising tax rates on the wealthy? Well, it didn’t work. The president and vice president released their tax returns today, and President Obama’s effective tax rate went down last year, to around 18 percent. That’s closing in on Mitt Romney territory, and we all know he was getting away with something.

Two questions immediately spring to mind. First, is that really Obama’s fair share? And second, can we have that rate too?

Vice President Biden reportedly made about half of what Obama earned, and yet his fair share turned out to be around 22 percent — still a much lower rate than Warren Buffett’s poor secretary was said to be paying.

The president did confess to Jay Leno that he’s “pretty lost” when it comes to that “math stuff.”

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