Obama Not Part of Investing Class

Based on Obama’s recently released tax returns, Ryan Ellis of the American Shareholder’s Association concludes that Barack Obama is a stranger to the investor class. This conclusion is based upon couple of factors. First, their reported qualified dividends are very low. Second:

Michelle Obama earned a quite lucrative annual self-employment contract from the University of Chicago Hospital System (in some years, over $1 million). Yet, Mrs. Obama didn’t appear to have a self-employed 401(k) plan or a SEP-IRA to make retirement contributions from. This implies that the Obamas are not exactly the best tax-deferred investors in the world.

And third, “In 2000, the Obamas cashed out $6260 from either a DB pension or a 401(k) plan.” Ellis says, “This is a sure sign of a household that does not build and accumulate a nest egg for their future.”