In the State of the Union speech, President Obama claimed to have reduced the deficit over two trillion dollars. And here I thought the deficit had increase six trillion under his watch.
Never mind. Suppose I use this “Obama math” to file my taxes.
How do I use Obama math to figure my income? As an example, what if my income for 2011 was $75,000. And let’s say that in 2012 due to unemployment my income was $50,000. Using Obama math, that’s a loss of $25,000 for 2012!
Because I had a loss in 2012 rather than income, I do not owe any income tax!