After Mr. and Mrs. Obama released their tax returns, the press quickly noticed that, between 2000 and 2004, they gave less than one percent of their income to charity, far lower than the national average. Their giving rose to a laudable five percent in 2005 and six percent in 2006, with the explosion of their annual income to near $1 million, and the advent of Mr. Obama’s national political aspirations (representing a rare case in which political ambition apparently led to social benefit).
According to an Obama spokesman, the couple’s miserly charity until 2005 “was as generous as they could be at the time,” given their personal expenses. In other words, despite an annual average income over the period of about $244,000, they simply could not afford to give anything meaningful . . .
In 2006, another wealthy political couple with significant book royalties was Mr. and Mrs. Cheney, who had a combined income of $8.8 million, largely due to Mrs. Cheney’s books and the couple’s investment income. Just how much did the Cheneys give to charity from their bonanza? A measly 78 percent of their income, or $6.9 million. (No, that is not a misprint.)
(HT: BHT)
When I lived out in Silicon Valley, a place where you couldn't throw a rock and not hit someone who made a half million or more, the annual giving rate was slightly less than 2 percent, nearly the worst in the nation. Some wealthy people are quite stingy.
I guess in Obama's case, his less than stellar giving could be attributed to "start-up costs" on his unimpeded jaunt to the White House.
The guy scares me. Really.